Dan Penner

Home office expenses for employees for 2023

4/22/2024

Eligible employees who worked from home in 2023 will be required to use the Detailed Method to claim home office expenses. The temporary flat rate method does not apply to the 2023 tax year. As an employee, you may be able to claim certain home office expenses (work-space-in-the-home expenses, office supplies, and certain phone expenses). This deduction is claimed on your personal income tax return. Deductions reduce the amount of income you pay tax on, so they reduce your overall income tax liability. Salaried employees can claim: Electricity, Heat, Water, some utilities, monthly Internet access or part of your rent. Commission employees can also claim: home insurance, property taxes and lease of a cell phone, computer and more. Review the CRA website for more. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses.html

READ MORE

SCOTIABANK: SPEND LIKE THERE IS NO TOMORROW, TAX LIKE THERE IS

4/17/2024

Canadas federal Finance Minister tabled Budget 2024 on April 16th. Gross new spending measures were substantially higher than signalled ahead of budget day, with equally substantial taxation measures partially offsetting the net impact. The budget adds a near-term boost to growth with major new spending, but it introduces another twist as it gives with one hand while taking with the other. While net new spending amounts to 0.4% f GDP over the next two years, gross outlays to Canadians adds up to a much more substantial $22.5 bn (0.7%), while syphoning off $9.5 bn from drivers of growth. This is additive to the $44 bn incremental spending provinces have announced in recent weeks. The budget clearly makes the Bank of Canadas job more difficult. The soft inflation print released into the budget risks fanning complacency around the risk of a resurgence in inflationary pressure particularly with a housing market rebound waiting in the wings (and more potential buyers on the margin after this budget). New spending is hardly focused. A gross $56.8 bn is spread widely across a range of priorities. The new Housing Plan reflects just 1/6th of new outlays. Others were channeled aheadmilitary spending, AI investments, and pharmacarewhile new pledges were tabled towards Aboriginal investments, community spending, and a new disability benefit among others. New tax measures will yield a $21.9 bn offsetnotably a big increase to the capital gains inclusion rate from one-half to two-thirds for individuals and corporations later this Spring. The net cost of new measures in this budget lands at $34.8 bn over the planning horizon. Near-term economic momentum has provided additional offsets ($29.1 bn), leaving the fiscal path broadly similar to the Fall Update. The FY24 deficit comes in on the mark at $40 bn (1.4% of GDP) and is expected to descend softly to $20 bn (0.6%) by FY29. Debt remains largely on a similar path of modest declines as a share of GDP over the horizon. The fiscal plan could have delivered on critical priorities including the Housing Plan, along with AI and Indigenous spending, while still adhering to its fiscal anchors without resorting to substantial new taxation measures that will dampen confidence and introduce further distortions to Canadas competitive landscape. It wont likely trigger an election, but it is clearly a warm-up lap as Canadians brace for the polls within the next 1218 months. The taps are unlikely to be turned off any time soon. Source: https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis-.canadian-federal--2024-25-budget--april-16--2024-.html

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

4/11/2024

The Bank of Canada held its target for the overnight rate at 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The Bank expects the global economy to continue growing at a rate of about 3%, with inflation in most advanced economies easing gradually. The US economy has again proven stronger than anticipated, buoyed by resilient consumption and robust business and government spending. US GDP growth is expected to slow in the second half of this year, but remain stronger than forecast in January. The euro area is projected to gradually recover from current weak growth. Global oil prices have moved up, averaging about $5 higher than assumed in the January Monetary Policy Report (MPR). Since January, bond yields have increased but, with narrower corporate credit spreads and sharply higher equity markets, overall financial conditions have eased. The Bank has revised up its forecast for global GDP growth to 2% in 2024 and about 3% in 2025 and 2026. Inflation continues to slow across most advanced economies, although progress will likely be bumpy. Inflation rates are projected to reach central bank targets in 2025. In Canada, economic growth stalled in the second half of last year and the economy moved into excess supply. A broad range of indicators suggest that labour market conditions continue to ease. Employment has been growing more slowly than the working-age population and the unemployment rate has risen gradually, reaching 6.1% in March. There are some recent signs that wage pressures are moderating. Source:https://www.bankofcanada.ca/2024/04/fad-press-release-2024-04-10

READ MORE

Canadian Survey of Consumer Expectations—First Quarter of 2024

4/10/2024

Consumers believe inflation has slowed, but their expectations for inflation in the near term have barely changed. Consumers link their perceptions of slowing inflation with their own experiences of price changes for frequently purchased items, such as food and gas. Expectations for long-term inflation have increased, though they remain below their historical average. Relative to last quarter, consumers now think that factors contributing to high inflationparticularly high government spending and elevated home prices and rent costswill take longer to resolve. Canadians continue to feel the negative impacts of high inflation and high interest rates on their budgets, and nearly two-thirds are cutting or postponing spending in response. Although weak, consumer sentiment improved this quarter, with people expecting lower interest rates. As a result, consumers are less pessimistic about the future of the economy and their financial situation, and fewer think they will need to further cut or postpone spending. Improved sentiment is also evident in perceptions of the labour market, which have stabilized after easing over recent quarters. Workers continue to feel positive about the labour market and, with inflation expected to be high, they continue to anticipate stronger-than-average wage growth. Source: https://www.bankofcanada.ca/2024/04/canadian-survey-of-consumer-expectations-first-quarter-of-2024

READ MORE

TD Economic Report: Canadian Highlights

3/25/2024

Central bankers took the stage this week, but it was Canadian economic data that stole the show. A significant improvement in inflation for February and a weak reading on retail sales increased expectations for an earlier cut by the Bank of Canada (BoC). Adding to this was the release of the BoCs March deliberations that confirmed the Bank is preparing to cut rates later this year. While the exact timing of the first rate cut is still uncertain, market pricing has rallied around June/July, matching expectations on timing for other major central banks. The inflation reading this week showed a meaningful deceleration, with the headline measure remaining within the BoC 1% to 3% target band. But the big surprise was the heavy discounting on items like clothing, cell phone /internet plans, and food. For the latter, that was the first contraction in three years (seasonally adjusted)! As Deputy Governor Toni Gravelle said at a speech later in the week, this was very encouraging. What was even more promising was the progress on the BoCs preferred inflation metrics. While these have remained stubbornly high over the last few months, they too have started to ease and now sit just above the 3% band. These metrics are starting to follow other measures of inflation lower, including the Banks old preferred inflation measure, CPIX. This index excludes the eight most volatile inflation items such as mortgage interest costs. Importantly, this measure has now reached the BoCs 2% target. Source: TD Economics https://economics.td.com/ca-weekly-bottom-line

READ MORE

Canadian Home Prices See Sudden End to Declines in Advance of Spring Market

3/18/2024

Canadian home prices as measured by the seasonally adjusted Aggregate Composite MLS Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA). The fact that prices were unchanged from January to February was noteworthy given they had dropped 1.3% from December to January. Considering how stable the seasonally adjusted MLS HPI tends to be, shifts this abrupt are exceedingly rare. There have only been three other times in the last 20 years that have shared a sudden improvement or increase in the month-over-month percentage change from one month to the next of this size; all at various points in the last four years when demand was coming off the sidelines. Its looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes, said Shaun Cathcart, CREAs Senior Economist. With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year. Home sales activity recorded over Canadian MLS Systems dipped 3.1% between January and February 2024, giving back some of the cumulative 12.7% increase in activity recorded in December 2023 and January 2024. That said, the general trend has been somewhat higher levels of activity over the last three months compared to a quiet fall market in 2023. Source: https://stats.crea.ca/en-CA/

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

3/6/2024

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global economic growth slowed in the fourth quarter. US GDP growth also slowed but remained surprisingly robust and broad-based, with solid contributions from consumption and exports. Euro area economic growth was flat at the end of the year after contracting in the third quarter. Inflation in the United States and the euro area continued to ease. Bond yields have increased since January while corporate credit spreads have narrowed. Equity markets have risen sharply. Global oil prices are slightly higher than what was assumed in the January Monetary Policy Report (MPR). In Canada, the economy grew in the fourth quarter by more than expected, although the pace remained weak and below potential. Real GDP expanded by 1% after contracting 0.5% in the third quarter. Consumption was up a modest 1%, and final domestic demand contracted with a large decline in business investment. A strong increase in exports boosted growth. Employment continues to grow more slowly than the population, and there are now some signs that wage pressures may be easing. Overall, the data point to an economy in modest excess supply. Source: https://www.bankofcanada.ca/2024/03/fad-press-release-2024-03-06/

READ MORE

CMHC announced on March 1 that The First-Time Home Buyer Incentive program will be ending

3/1/2024

The deadline for submitting new or updated applications for the First-Time Home Buyer Incentive is March 21, 2024, at midnight ET. No new approvals will be granted after March 31, 2024. Initially designed to alleviate the burden of monthly mortgage payments for first-time buyers, the program involved the government acquiring partial ownership of a property. Under the program, the government provided a loan of up to 10 percent of the purchase price, which could be put towards a larger down payment, thereby reducing monthly payments. However, homeowners were required to repay the incentive after 25 years or upon selling the property, with the repayment amount adjusted to reflect changes in the propertys value. Source:https://www.cmhc-schl.gc.ca/consumers/home-buying/first-time-home-buyer-incentive

READ MORE

No respite for Canadian housing affordability in Q4 2023

2/23/2024

From National Bank of Canada The fourth quarter of 2023 witnessed a second consecutive deterioration for housing affordability in Canada. The degradation was widespread with every single market experiencing an increase in their mortgage payment as a percentage of income (MPPI) due to both higher interest rates and rising home prices. This worsening has practically eliminated recent improvements in affordability and our index at the national level is almost back to its worst affordability since the 1980s. That said, the headline index dissimulates a more worrisome picture. Indeed, the condo sub-index has reached its highest level of unaffordability in at least two decades. In other words, it would take nearly half of pre-tax median household income to service the median condo mortgage. With the condo market typically being the entry point for first-time homebuyers it leaves the latter with few options. While homeownership is becoming untenable, the rental market offers little respite. Our rental affordability index has never been worse. It would take nearly one third of pre-tax household income to pay for the average rent of a two-bedroom condo. The outlook for the coming year is fraught with challenges. While mortgage interest rates are showing signs of waning in the face of expected rate cuts by the central bank, housing demand remains supported by unprecedented population growth. As a result, we expect some upside to prices in 2024. On the rental side, in a recently released report by the CMHC, Canada`s rental market vacancy stumbled to a record low of 1.5% which leaves little room for an improvement in rents. Supply for any segment of the market isn`t expected to pick up anytime soon as building permits in many Canadian cities has plummeted at the end of 2023. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

READ MORE

🏡 Canadian Real Estate Roundup: Home Sales Surge in January Kickstarting 2024 📈

2/15/2024

Hey there, home hunters and market enthusiasts! 🏠✨ Guess what? The Canadian real estate scene is off to a roaring start in 2024, and weve got the deets straight from the Canadian Mortgage Trends magazine! Toronto Lights Up the Sales Chart 🔥 The Greater Toronto Area is stealing the spotlight with a whopping 37% increase in home sales compared to last year! 🌆📊 And hey, even though average prices dipped slightly by 1%, theres a silver lining. Get ready for more action as the Bank of Canada gears up to potentially cut rates in the second half of the year. 🏦💰 Vancouvers Bounce Back 💪 Not to be outdone, Vancouver is making a strong comeback with a stellar 38.5% surge in sales! 🌊🏡 The benchmark prices are up by 4.2%, and with more sellers stepping into the ring, the competition is getting fierce. 🥊🔥 Brace yourselves for a potential shift into sellers territory if inventory cant keep up with the demand! 📈🛒 Montreals Resilience 🍁 Heading east to Montreal, where the market is showing resilience with an 18% boost in sales. 🎉💼 The median prices for both single-family homes and condos are on the rise, fueled by positive prospects regarding interest rates. 📈💸 Keep an eye out for potential headwinds due to economic slowdown, but the market is holding its ground! 🏡🤞 Calgarys Hot Streak 🔥 Calgary is heating up with a 37.7% jump in sales, and the benchmark prices are sizzling at a 10% increase! 🌞🔥 New listings are helping ease supply challenges, but the tight conditions are keeping the prices on an upward trajectory. 📈🏠 Ottawas Cautious Comeback 🏰 Meanwhile, in Ottawa, the market is cautiously coming back to life with a 16.5% rise in sales. 📈🌼 While benchmark prices climb by 3.2%, it seems buyers are cautiously approaching the market post-pandemic. 🏡😌 Whats Next? 🚀 Hold onto your real estate hats because experts predict a second-half surge in 2024, especially if the Bank of Canada decides to cut interest rates! 💼💰 So, whether youre a buyer, seller, or just a real estate enthusiast, the Canadian housing market is shaping up to be quite the rollercoaster ride this year! 🎢🏠 #RealEstate #HomeSales #CanadaHousing #MarketTrends #BankOfCanada #Homebuying2024 🏡✨ #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Canadian Home Sales Showing Signs of Recovery

2/15/2024

Following a weak second half of 2023, home sales over the last two months are showing signs of recovery, according to the latest data from the Canadian Real Estate Association (CREA). Home sales activity recorded over Canadian MLS Systems rose 3.7% between December 2023 and January 2024, building on the 7.9% month-over-month increase recorded the month prior. While activity is now back on par with 2023s relatively stronger months recorded over the spring and summer, it begins 2024 about 9% below the 10-year average. Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower. Taken together, these trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years, said Shaun Cathcart, CREAs Senior Economist. https://stats.crea.ca/en-CA/

READ MORE

Canada's Economy Shows Signs of Life in November: What's Ahead? 📈

1/31/2024

Hey there, savvy readers! 🌟 Guess what? Canadas economy is finally shaking off those three months of flat vibes and posting a cool 0.2% growth in November! 📆 Take that, economic blues! According to the latest scoop from our friends at CMP magazine, the numbers are slightly better than what the smarty-pants analysts predicted they were expecting a 0.1% bump. 🤓 Hold on to your toques, folks, because this is the first time in six months that Canadas economic engine is revving up! 🚗💨 But, and theres always a but, this might not be enough to convince the Bank of Canada to hit the rate-cut panic button. 🚫💸 Our go-to economist, Claire Fan from the Royal Bank of Canada (RBC), spilled the tea in her note, cautioning us to take this faster end-of-year pace with a grain of salt. 🧂 Apparently, early GDP estimates can be a bit like that first draft of your masterpiece subject to some serious revisions. 📝 Claires got a point though, pals. Much of the November magic might be thanks to some one-off factors, like recoveries from strikes and factory shutdowns. 🛠️✨ Sadly, those arent likely to be repeated in the coming months. 😢 Dont get too hyped for a hot economy in the opening months of the year, says Claire. 🌬️📉 She predicts that the chilly winds of elevated interest rates might put a damper on consumer demand, stalling growth in both output and inflation until the Bank of Canada potentially swoops in with rate cuts in June. ☀️💰 So, there you have it, friends! Canadas economy is like a rollercoaster some ups, a few downs, and lots of twists and turns. 🎢 Keep your toques on tight, stay tuned for updates, and lets see where this wild ride takes us! 🍁🚀 #CanadianEconomy #GrowthSpurt #BankofCanada #EconomicRollercoaster #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

🏡 Canadian Housing Market Update: Stability on the Horizon in 2024! 📉📈

1/30/2024

Hey there, homeowners and house hunters! 🇨🇦 Exciting news from the Canadian Mortgage Trends magazine buckle up for a rollercoaster ride through the twists and turns of the housing market! According to a recent report by BMO senior economist Robert Kavcic, the Canadian housing market is gearing up for a period of stability this year. 🏠✨ Lower resale prices, easing mortgage rates, and pent-up demand are set to create a solid foundation for the market. But hold your horses, because the days of rollicking price gains might be in the rearview mirror. 🚗💨 Despite the recent boost in consumer sentiment following the Bank of Canadas rate hold and market signals hinting at rate cuts, BMO doesnt anticipate a return to previous sky-high prices. 😬📉 As of December, the national average selling price took a dip to $657,145, down about 20% from its peak in February 2022. 😱 But fear not, spring might bring some sunshine, though Ontario could see continued downward pressure, having experienced hefty price gains during the pandemic. According to the Canadian Real Estate Association (CREA), the national average price is expected to rise a modest 2.3% in 2024, reaching $694,173. Alberta, Quebec, and most of the Atlantic provinces might experience higher-than-average gains, while British Columbia and Ontario could be looking at a flat trend. Now, heres the plot twist even with home prices taking a breather, those pesky high-interest rates are playing party pooper for potential buyers. 🎉🚫 Affordability, or the lack thereof, is the talk of the town. RBC economists and National Banks Housing Affordability Monitor are singing the same tune, noting a significant deterioration. But hey, its not all doom and gloom! Kavcic sheds light on the silver lining the market isnt showing signs of forced selling. 🌈✨ In a nutshell, buckle up for a stable ride, expect some twists in prices, and keep an eye out for potential rate cuts. 🎢💸 And remember, despite the challenges, the housing market remains resilient! #CanadianHousingMarket #RealEstateNews #HomeownershipJourney #MarketStability2024 #HouseHuntersUnite 🏡✨ #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

🏡 Canadian Millennials Buck the Trend: Youngest Homeowners Reduce Mortgage Debt Amid Rising Rates! 📉

1/27/2024

Hey there mortgage mavens! 🏠✨ Weve got some juicy updates straight from the Canadian Mortgage Trends magazine, and it looks like the youngest homeowners in the Great White North are breaking all the rules! 🇨🇦❄️ According to the latest scoop from StatsCan, the cool kids under 35 are not only managing to keep their cool in the housing market, but theyve actually slashed their mortgage debt by a whopping 5%. 🤯💸 Now, thats some financial wizardry right there! But whats the secret sauce behind this mortgage magic? 🧙♂️🔮 Well, it seems like our young and savvy homeowners might be playing it smart. Affordability concerns and the ever-elusive dream of owning a piece of the real estate pie could be pushing some away, while others are making moves to more budget-friendly havens. 🤔🏡 And heres a head-turner for you: while the rest of the age groups are juggling their mortgage debt like hot potatoes (up 1.3% on average), our trendsetting millennials are strutting their stuff with a cool 5% reduction. 👏💃 But wait, theres more! 📊💼 The StatsCan report spills the tea on debt-to-income ratios. The young guns have managed to shrink theirs down by 10.7 percentage points to 165.2%, thanks to a combo of paying off mortgages and some serious wage growth. 💰💪 Meanwhile, the 35-44 squad and the 55-64 crew are seeing their ratios do a little cha-cha in the opposite direction. However, its not all sunshine and rainbows. 🌈☔ The interest rates party is hitting everyone, with the under-35s and the 35-44 age group seeing their debt-service ratios shimmy up by 2.4 and 3.1 percentage points, respectively. 💸📈 And heres the national anthem for the Canadian household debt scene: despite the youngest squad playing it smart, overall household credit is still on the rise, albeit at a slower pace since the Bank of Canada kicked off the interest rate hike fiesta in 2022. 💳💰 So, buckle up, mortgage enthusiasts! 🚀🏡 As interest rates and inflation continue to do the tango, our financial acrobatics might just get trickier. Stay tuned to Canadian Mortgage Trends for the latest twists and turns in this nail-biting housing saga! 📰🔍 #CanadianRealEstate #MortgageTrends #HomeownershipHacks #FinancialWisdom #MillennialsRockingIt #StatsCanUpdate 🚀🏠💸 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Bank of Canada Signals Shift: Rate Cuts on the Horizon? 📉

1/26/2024

Hey there, savvy readers! 🌟 If youve been keeping an eye on interest rates, heres the scoop: according to a top economist, the Bank of Canada seems to be waving goodbye to its rate-hiking spree and gearing up for some cuts. 🏦💸 Sal Guatieri, the brainy senior economist at Bank of Montreal (BMO), spilled the beans to Canadian Mortgage Professional (CMP) that the recent policy rate decision dropped some major hints. 👀 Apparently, the days of rate hikes are in the rearview mirror, unless the economy decides to pull a plot twist. Guatieri spills the tea, saying, The Bank hasnt ruled out the possibility of a rate increase, but a lot of things would have to go wrong to spur [that]. Translation: Rate cuts are looking like the next big move. 🔄 But, and theres always a but, the Bank isnt exactly sprinting towards the cutting table. Guatieri adds, The other clear message is that the Bank of Canada doesnt seem very much in a hurry to ease policy. 😅 So, when can you expect some relief on those interest rates? Well, it seems the Bank might be taking its sweet time, with whispers in the air about a possible cut not happening until the summer June, to be precise. ☀️💼 The Bank, in its recent announcement, danced the economic tightrope, expressing concern about a stagnant economy but keeping a wary eye on that stubborn inflation. Guatieri spills more wisdom, saying, Theres no need to raise interest rates further, barring an upside surprise on inflation. After riding the rate-hike rollercoaster for almost two years, the Bank of Canada has hit the brakes, leaving rates at 5.0%. Thats the highest its been in 22 years! 🎢📈 Governor Tiff Macklem hinted last year that rates might be high enough, but the big question remains: Are rate cuts the new cool kid in town? 🤔🆒 To sum it up: The Bank seems to be saying, Hey, rate reductions might be on the horizon, but no need to panic. Were not hitting the panic button just yet. 🚨🙅♂️ Keep your eyes peeled for updates, and lets see where the interest rate rollercoaster takes us next! 🚀💼 #BankofCanada #InterestRates #EconomicUpdate #FinanceTalk #MoneyMatters #RateCuts #EconomicOutlook 📊💰 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

1/24/2024

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global economic growth continues to slow, with inflation easing gradually across most economies. While growth in the United States has been stronger than expected, it is anticipated to slow in 2024, with weakening consumer spending and business investment. In the euro area, the economy looks to be in a mild contraction. In China, low consumer confidence and policy uncertainty will likely restrain activity. Meanwhile, oil prices are about $10 per barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have eased, largely reversing the tightening that occurred last autumn. The Bank now forecasts global GDP growth of 2% in 2024 and 2% in 2025, following 2023s 3% pace. With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025. In Canada, the economy has stalled since the middle of 2023 and growth will likely remain close to zero through the first quarter of 2024. Consumers have pulled back their spending in response to higher prices and interest rates, and business investment has contracted. With weak growth, supply has caught up with demand and the economy now looks to be operating in modest excess supply. Labour market conditions have eased, with job vacancies returning to near pre-pandemic levels and new jobs being created at a slower rate than population growth. However, wages are still rising around 4% to 5%. Source: https://www.bankofcanada.ca/2024/01/fad-press-release-2024-01-24/

READ MORE

Canada's Rate Cut Drama: What You Need to Know! 💸

1/22/2024

Hey mortgage mavens and rate-watchers! 👋 Today, were diving into the buzz around the Bank of Canada and their latest rate cut predictions. 📉 Hold onto your wallets because things are getting interesting! Why the Delay in Rate Cuts? 🤷♂️ Economists are buzzing about the possibility of a Bank of Canada rate cut, but it seems the majority are pumping the brakes. 🚗 Stubborn inflation has taken center stage, pushing the rate cut timeline to at least June. Markets were initially eyeing March or April, but Decembers unexpected rise in inflation put a dent in those early hopes. What the Experts Say 🧐 A recent Reuters poll of 34 economists spilled the teatwo-thirds expect the first rate cut in June or later. Patient much? 🤨 BMOs Benjamin Reitzes thinks the Bank will be as chill as a polar bear on ice, waiting for inflation to play nice. On the flip side, the ING crew predicts a speedier relief, favoring rate cuts from April onwards. 🚀 Inflation Insights 📊 Lets talk inflation! RBC says, Expect it to go lower. BMO admits progress but warns, Theres work to be done. Scotiabank is the rebel in the room, hinting at potential upside risks in Canada compared to the U.S. Whats your take on this inflation rollercoaster? 🎢 Rate-Cut Expectations 🔍 Scotiabank notes that recent inflation trends are throwing shade at rate cut predictions for March and April. ING, however, thinks high interest rates are a bit too spicy and could lead to cuts starting in April. Time to place your bets! 🎲 The Banks Rate Statement 🗣️ Desjardins believes the Bank will be caught between progress and stickiness. Dave Larock predicts a hawkish tone to counter rate cut expectations. National Bank is keeping an eye on economic signals and might retain a hiking bias. A real-life economic soap opera, isnt it? 🍿 Spring Housing Market Drama 🏡 Hold onto your hard hats! Scotiabank hints at a potential housing market rebound this spring if rates decline. Could we see a repeat of 2023s housing surge? 🏠📈 Fingers crossed or fingers on the pulse? You decide! Big Bank Rate Forecasts 🏦 Curious about the big banks crystal ball predictions? Heres a quick peek at their year-end targets and bond yield forecasts. Spoiler alert: Its a mixed bag of predictions! 📆💰 Bank Year-end 24 Target Rate Year-end 25 Target Rate 5-Year BoC Bond Yield: 24 5-Year BoC Bond Yield: 25 BMO 5.00% 4.00% NA 3.20% (-45%) CIBC 5.00% 3.50% 2.50% NA NBC 5.00% 3.25% (-75bps) 2.75% (-25bps) 2.60% (-75bps) RBC 5.00% 4.00% 3.00% 3.30% Scotia 5.00% 4.00% 3.25% 3.50% TD 5.00% 3.50% 2.25% 2.85% (-45bps) So, there you have ityour front-row seat to Canadas rate cut drama! 🍁 Whats your take on these predictions? Are you Team June or Team April for the rate cut saga? Share your thoughts below and let the rate rollercoaster ride begin! 🎢📈 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Income gap widens as higher interest rates reduce income for lowest income households

1/22/2024

Income inequality increased in the third quarter as the gap in the share of disposable income between households in the two highest income quintiles (top 40% of the income distribution) and two lowest income quintiles (bottom 40% of the income distribution) reached 44.9%, up 0.5 percentage points from the third quarter of 2022. The lowest income householdsthose in the bottom 20% of the income distributionwere the only income group to reduce their average disposable income in the third quarter of 2023 relative to the same quarter of 2022 (-1.2%). Gains in average wages and salaries for the lowest income households (+3.0%) were more than offset by reductions in net investment income (-43.4%). While higher interest rates can lead to increased borrowing costs for households, they can also lead to higher yields on saving and investment accounts. The lowest income households are more likely to have a limited capacity to take advantage of these higher returns, as on average they have fewer resources available for saving and investment. Higher interest rates weighed on average disposable income for the lowest income households in the third quarter. Along with a doubling of the Bank of Canadas policy interest rate from 2.5% in July 2022 to 5.0% as of July 2023, net investment income declined for the lowest income households in the third quarter of 2023 relative to a year earlier. The lowest income earners reduced their net investment income as increased interest payments, more than half of which was due to consumer credit, outweighed gains in investment earnings. Source: https://www150.statcan.gc.ca/n1/daily-quotidien/240122/dq240122a-eng.htm?HPA=1

READ MORE

🏡 Canada's Mortgage Renewal Wave: What's in Store for 2024? 📉

1/18/2024

Hey there, homeowners and future homebuyers! 👋 Weve got the lowdown on what to expect in Canadas housing market this year, and its not all sunshine and rainbows. According to insights from Manulife Investment Management, the surge of mortgage renewals is about to hit, and it might just ruffle a few feathers. In its 2024 outlook shared with CMP magazine, Manulifes global macro strategist, Dominique Lapointe, spills the beans on how this renewal frenzy could throw a curveball at our economic growth and tighten our purse strings. 🤔💸 So, whats the scoop? Well, it turns out that a whopping 43% of outstanding mortgages had already renewed when the Bank of Canada started cranking up interest rates in 2022. And brace yourselves that number is expected to jump to 60% by the end of this year! 📈🏦 According to Lapointe, this accelerated refinancing schedule in the Great White North is quite the opposite of our neighbors down south. Unlike the U.S., where most mortgages are fixed for 30 years, our five-year terms are causing a bit of a stir. 🍁🏠 Hold onto your toques, because the Canada Mortgage and Housing Corporation (CMHC) estimates that a whopping 2.2 million mortgages will be hit with an interest rate shock in 2024 and 2025. Thats nearly half of all outstanding mortgages in the country! 😱💔 But wait, theres more! Lapointe predicts that this might lead to a dip in overall consumption in 2024, especially with the prospect of higher monthly payments. Yikes! 📉💼 Now, before you start envisioning a housing market crash, take a breather. Manulifes 2024 outlook suggests that while a slowdown in housing activity is on the horizon, a full-blown meltdown is unlikely. Phew! 😅🏠 But heres the real talk higher mortgage rates might put a dent in housing demand, leading to a rare moment in the first half of 2024 when home prices might take a dip. Brace yourselves, homeowners! 📉🏡 So, whats the silver lining? Well, according to Lapointe, most homeowners seem to think they can handle the impact of those larger mortgage payments. 🛡️💪 So, widespread defaults? Not likely. But heres the kicker a modest contraction in real GDP might be on the horizon, with lower consumer spending and a chill housing market being the culprits. 😬📉 But fear not! Theres a glimmer of hope in the second half of the year if the Bank of Canada decides to trim its benchmark interest rate, as expected. 🌈🏦 Despite a recent uptick in inflation, Manulife believes the BoC will stick to its guns and continue with rate cuts to support the economy. Its like a financial rollercoaster, folks! 🎢💸 So, buckle up, Canada! The mortgage renewal wave is here, but with a bit of resilience and strategic planning, we might just ride it out. Heres to hoping for lower rates and a thriving housing market in the near future! 🚀🏠 #CanadianRealEstate #MortgageRenewalWave #HomeownershipJourney #EconomicOutlook2024 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Canada's Inflation Rollercoaster: What You Need to Know! 📈💸

1/16/2024

Hey there, savvy readers! Ready to dive into the wild world of Canadas inflation rollercoaster? Buckle up, because the latest ride in December is giving us some unexpected twists! 🎢 According to the buzz from our friends at CanadianMortgageTrends magazine, Canadas headline inflation rate decided to shake things up again, climbing to 3.4% in December. Thats a jump from Novembers 3.1%, and economists totally saw it coming. 📊 StatsCan spilled the tea, revealing that this rise was mostly due to base effects think of it like the impact of last years prices playing tag with this years Consumer Price Index (CPI). 🔄 If you take out the gasoline drama, the headline CPI wouldve chilled at 3.5% in December, down from 3.6% in November. Now, the Bank of Canada prefers to look at core inflation, stripping away food and energy prices. But, surprise, surprise its still not hitting the comfort zone. CPI-median stood its ground at 3.6%, and CPI-trim turned heads by climbing to 3.7%. Randall Bartlett from Desjardins warned, Were not out of the woods yet. 🌲 Economists are predicting the Bank of Canada will play it safe and cautious in the coming months. With both headline and core inflation dancing way above the Banks dreamy 2%, theyre not ready to throw caution to the wind. 💨 Douglas Porter, BMOs chief economist, mentioned the stickiness of recent inflation readings, hinting that bringing inflation back to the ideal 2% might be the hardest stretch of the race. TDs Leslie Preston added her two cents, saying, Decembers inflation report underscores that the last mile of getting inflation all the way back to 2% is the hardest. 🏁 But wait, theres more drama in the housing corner! 🏡💰 Mortgage interest costs, fueled by the Bank of Canadas rate hikes, are soaring 29.8% above last years levels. Meanwhile, rent prices are keeping their cool, maintaining a 7.4% increase from November. Shelter costs are taking center stage in the inflation saga, parading at a 6% year-over-year pace in December. Its like the VIP section of the inflation party! In a nutshell, the last mile of this inflation marathon is proving to be a marathon in itself. 🏃♀️💨 So, stay tuned as the Bank of Canada gears up for the next rate decision and MPR, maintaining that cautious stance. 🏦 #InflationAlert #EconomicRollercoaster #BankOfCanada #HousingDrama #CautiousStance #MoneyTalks #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Canadian Home Sales See Unexpected Surge to Close Out 2023

1/16/2024

Home sales activity recorded over Canadian MLS Systems rose 8.7% between November and December 2023, putting it on par with some of last years relatively stronger months recorded over the spring and summer. The actual (not seasonally adjusted) number of transactions came in 3.7% above December 2022, the largest year-over-year gain since August. On an annual basis, home sales totalled 443,511 units in 2023, a decline of 11.1% from 2022. It was technically the lowest annual level for national sales activity since 2008; although it was very close to levels recorded in each of the five years following the 2008 financial crisis, as well as the first year the uninsured stress test was implemented in 2018. While December did offer up a bit of a surprise in sales numbers to cap the year, the real test of the markets resilience will be in the spring, said Larry Cerqua, Chair of CREA. There are only a couple of months left until that gets underway. If youre looking to buy or sell a property in the 2024, youll want a game plan, so contact a REALTOR in your area today, continued Cerqua. Was the December bounce in home sales the start of the expected recovery in Canadian housing markets? Probably not just yet, said Shaun Cathcart, CREAs Senior Economist. It was more likely just some of the sellers and buyers that were holding onto unrealistic pricing expectations last fall finally coming together to get deals done before the end of the year. Were still forecasting a recovery in housing demand in 2024, but well have to wait a few more months to get a sense of what that ultimately looks like. Source: https://www.crea.ca/media-hub/news/canadian-home-sales-see-unexpected-surge-to-close-out-2023/

READ MORE

Buckle Up, Canada! What's in Store for the Mortgage Market in 2024? 🏡💸

1/14/2024

Hey there, homeowners and future homebuyers! Its been a bit of a rollercoaster for Canadas mortgage market in the past year, and were all crossing our fingers for a sunnier outlook in 2024. 🌞 So, whats the scoop? Rising interest rates made things a bit tight for new buyers and gave existing homeowners a bit of a budget headache. Thanks, Bank of Canadas fight against inflation! But hey, at the end of the year, we got three consecutive rate holds, and rumor has it rates might start heading south in the new year. 📉 But hold your horses! According to Bank of Montreals chief economist Doug Porter, the economic forecast might not be all sunshine and rainbows. He predicts that the economy will be playing hard to get for a bit longer, possibly even hinting at a shallow recession. 😬 December threw us a curveball with a surprising uptick in home sales across the Great White North. Doug Porter warns that this might not be fantastic news for those hoping for the central bank to cut rates soon. The Bank of Canada will be keeping a close eye on these housing shenanigans, contemplating whether its time to drop those rates. 🏠📈 On the employment front, wage growth strutted its stuff, hitting 5.8% in December. Not bad, right? But Royal Bank of Canadas assistant chief economist Nathan Janzen thinks we shouldnt pop the champagne just yet. Mixed labor market data suggests the economy might still be feeling a bit soft around the edges. 📊💼 Now, about that potential economic slowdown in 2024 - no need to panic just yet. Doug Porter assures us its more of a bumpy landing than a full-blown meltdown. Weve had our fair share of challenges, with the unemployment rate taking a leap last year and a slightly gloomy GDP quarter. Its like the economy is doing a tap dance, not the smoothest moves, but not a full-on tumble either. 💃📉 So, fellow Canadians, strap in for the ride ahead! It might be a bit bumpy, but weve weathered storms before. Heres to hoping for smoother times in the mortgage market this year. Stay tuned, and lets see where this rollercoaster takes us! 🎢🍁 #CanadianMortgages #EconomicForecast #MortgageMarket2024 #BankofCanada #HomeownershipJourney #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

🏡 Navigating the Mortgage Maze: What 2024 Holds for Canadian Homeowners! 🌐✨

1/11/2024

Hold onto your mortgage statements, friends! 📉 According to insights shared at the RBC Capital Markets 2024 Canadian Bank CEO Conference in Toronto, a dip in interest rates could be the superhero cape we need to soften the blow of mortgage renewal payment shocks. 🦸♂️ 💸 Monthly Payment Hikes Looming: Despite the anticipated decline in interest rates, monthly payment hikes of $400 to $500 are still on the horizon, warns RBC President and CEO Dave McKay. However, he believes the silver lining is that falling interest rates could be the magic potion for a gentler recession and a quicker economic recovery. 🌈 📈 Heres the Numbers Crunch: Approximately $251 billion in mortgages are up for renewal this year. Another whopping $352 billion is knocking on the door in 2025. Hold the phone, RBC, the largest mortgage lender in the Great White North, is flexing its mortgage muscles. About 14% of its colossal $300-billion mortgage portfolio will be up for renewal in 2024, with more waves in 2025 and 2026. McKay even spilled the tea, hinting that rates are expected to chill significantly by 2025 and 2026. ❄️ 🌟 Economic Crystal Ball: Economists predict the Bank of Canada might sprinkle a reduction of one to 1.75 percentage points on the overnight target rate, currently sitting at 5.00%. Good news for variable-rate mortgage holders! 🌟 💃 Mortgage Rates Limbo: Fixed mortgage rates have been doing the limbo dance since October, making it a smoother ride for newbies and softening the payment shock for the renewal gang. 😱 But Brace Yourselves: Even with the interest rate fairy doing her thing, mortgage holders are still strapping in for a monthly rollercoaster. McKay estimates a $400-a-month increase in mortgage payments in 2024, a 20% to 25% spike. 💪 Borrower Resilience: No worries, says McKay! Scott Thomson, CEO of Scotiabank, echoes the sentiment, mentioning monthly increases ranging from $400 to $500. Yet, no red flags on the credit front so far. 📉 On Delinquencies: RBCs McKay predicts a bit of a rocky road through 2024, expecting losses to be a smidge worse than 2023. TDs Masrani, though, remains cool as a cucumber, seeing most asset classes still in the normalization phase. 🏡 On Housing: McKay emphasizes the desperate need for housing, but rates are doing a tango where its hard for many consumers to commit. Lower rates could be the key to unlocking confidence and triggering more pre-sale activity. 🏠 🔮 Miscellaneous Insights: Scotiabank is all about deepening those client relationships, with 65% of mortgages originating with three or more products. Wowza! 🤝 RBCs HSBC Canada acquisition got the green light, and McKay is thrilled! 🎉 TD is working on turbocharging its mortgage processing for a smoother customer experience. 🚀 🎢 Conclusion: Ready or not, the mortgage rollercoaster is rolling, and these CEOs are keeping a close eye on the ride. Stay tuned for more Canadian Mortgage Trends insider deets! #CanadianMortgages #InterestRates #MortgageRenewals #EconomicRecovery #RealEstateMagic #BankingGurus #MoneyTalks #CMTHotTakes #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

🏡 Canadian Real Estate Roundup: December 2023 Sales Surge Despite 2022 Dip! 📈

1/8/2024

Hey there, home hunters and market mavens! 👋 Ready for the lowdown on Canadas real estate rollercoaster? Buckle up, weve got the deets from the CanadianMortgageTrends magazine! 🍁🏠 📉 2023 vs. 2022: A Rollercoaster Ride So, heres the scoop home sales in most of Canadas big metros shot up in December like a skyrocket. 🚀 Toronto saw a cool 11.5% YoY spike, while Calgary and Vancouver werent far behind with 14% and 3.2%, respectively. But, wait for it... 2023 overall was a bit of a rollercoaster, with total sales down. Toronto took a 12.1% dip, Calgary an 8% drop, and Montreal experienced its slowest year since 2000, down by a hefty 14.3%. 🎢 🏙️ Regional Highlights Lets zoom in, shall we? Toronto: Sales were up in December, but the full year took a hit. However, incoming TRREB president, Jennifer Pearce, predicts relief with lower borrowing costs in 2024. 🤞💰 Vancouver: Despite a 10.3% YoY dip in total sales, Vancouver held its ground. Andrew Lis, REBGV Director of Economics and Data Analytics, says it was a strong year despite higher mortgage rates. 🌆💸 Montreal: The city took a hit, and economists from National Bank predict limited activity ahead due to affordability challenges. 🏠💲 Calgary: Calgary had a silver lining with a 13.8% boost in December sales. CREB Chief Economist Ann-Marie Lurie credits strong migration and low supply for keeping the market robust. 🌄📈 Ottawa: Ottawa closed out 2023 on a steady note, with a 7.6% YoY sales bump in December. OREB President Curtis Fillier sees it as a sign of returning consumer confidence. 🏡🌟 📈 Whats Cooking in 2024? Analysts are brewing a potion of strong population growth and potential rate cuts by the Bank of Canada in 2024. TRREB president Paul Baron believes lower rates will ease affordability issues, sparking a rebound. 🔮📊 🖋️ Wrap-Up: A Casual Chat About the Market Hey, friends! Thats a wrap on the real estate ride of 2023. The market had its ups and downs, but with potential rate cuts and a resilient economy, 2024 might just be the year to find your dream home. Stay tuned for more updates, and happy house hunting! 🏠🔍 #CanadianRealEstate #HomeSweetHome #MarketWatch #HouseHuntingAdventures #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

"Breaking News: Canadian Seniors Opting to Stay Put – What Does This Mean for Housing Market? 🏡🇨🇦"

1/5/2024

Hey there, home sweet home enthusiasts! 🏡✨ Weve got some juicy tidbits from the latest scoop in the CanadianMortgageTrends magazine about our beloved seniors and their housing choices. 📰 According to the Housing Market Insight Report by the Canada Mortgage and Housing Corporation (CMHC), our wise Canadian seniors are making a trend-setting decision to age like fine wine in their own homes, with many holding onto their abodes until they hit the grand old age of 80s and 90s. 🧓🏡 Why the delay in downsizing, you ask? Well, it seems like our seniors are living longer, healthier lives and are rocking the house maintenance game! Go, grandmas and grandpas! 🌟 The study, which focused on the elderly households in Canadas six largest cities, spilled the beans on some location-based preferences. Toronto and Vancouver seniors are leaning towards stylish condominiums, while in Montreal, theres a trend for moving into cozy rental housing. 🏙️🏠 Heres the nitty-gritty: Canadian census data reveals that the sell rate among seniors has been doing the limbo since the 90s, dropping an average of six percentage points. Most Canadians seem to be playing the real estate card in their nineties, unlocking new possibilities for housing supply. 🎉🔐 CMHC predicts a potential surge in housing supply as the 90s club decides to shake things up. They might swap keys for cozy rentals or, for health reasons, check into a care center for seniors. Plus, lets not forget that natural part of life - deaths also bring properties onto the market. 💔🏠 But, hang on, its not an immediate game-changer. CMHC notes that it might take a few years for the older seniors to list their homes, but when they do, we could see a housing supply boost and a narrowed affordability gap. 📈💰 According to Statistics Canada, the 85-and-over age group will be stealing the spotlight from 2030 to 2040. The first baby boomers are hitting that milestone, and its expected to spice up the housing market. 🍼👵👴 So, whats the verdict? 🤔 Will our seniors stick to tradition, or will they pave a new way? The anticipation is real! The key to restoring housing affordability in Canada might just be in the hands of our seasoned citizens and how they decide to shuffle their homes in the near future. 🔄🏡 Stay tuned for more updates, and let us know your thoughts with a comment below! 👇 #CanadianHousing #SeniorLiving #HomeSweetHome #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

"Bank of Canada's Chit-Chat: Are Interest Rates High Enough to Tame Inflation? 🇨🇦💰"

12/20/2023

Hey mortgage mavens! 🏡💼 Ready for the lowdown on what the Bank of Canadas tea party was all about? ☕🤔 Weve got the scoop from our pals at Canadian Mortgage Trends Magazine! 📰🍁 So, picture this: the Bank of Canadas cool cats, aka the Governing Council, recently had a pow-wow on December 6th to spill the beans on interest rates and the inflation hustle. 💸💬 Heres the 411: 📈 Interest Rates: On Point or Nah? The gang thinks they mightve hit the sweet spot with interest rates to keep inflation in check. 🎯🤞 Theyve cranked it up 475 basis points since March 2022, hoping it would work its magic on slowing down spending and calming those pesky price pressures. But, hold up! 🚦 There are still worries about inflation doing the cha-cha at 3.5% to 4% for nearly a year and wages doing the hustle at 4% to 5%. 🕺💃 The Council wants to see more proof that these indicators are doing the floss towards price stability. 🏠 Home Prices: Yo-Yo or Rocket Launch? The squad had a chat about the real estate rollercoaster, too. 🎢 Some think house prices will chill because of the high-interest rates, while others are side-eyeing the housing supply-demand tango, afraid prices might keep climbing. Oh, and the shelter price inflation? 🚀 Its a spicy 6.1%, adding a solid 1.8 percentage points to the headline inflation reading. Higher mortgage rates are playing their part, but theres also drama in rent and housing-related costs. Its a wild ride, folks! 🗓️ Whats Next? Mark your calendars, peeps! The Bank of Canadas next shindig is on January 24, 2024. 📆 Lets see what they have up their sleeves for the next chapter in the financial soap opera! So, there you have it - the Bank of Canadas financial fiesta according to Canadian Mortgage Trends Magazine! 🎉📊 What are your thoughts on these money matters? Drop your emojis in the comments! 👇💬 And dont forget to stay tuned for the next episode of Bank of Canada Chronicles! 📈🍁 #MoneyTalks #InflationGame #RealEstateRide #BankingBanter #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

🏡 Discover Canada's Hottest Living Spots According to KelownaHomes.ca and CMP Magazine! 🔥

12/19/2023

Hey, home hunters! 🕵️♀️ Ready to uncover the latest scoop on the most desirable places to live in Canada? 🇨🇦 Our friends at KelownaHomes.ca, as featured in CMP Magazine, have spilled the beans on the top 10 areas that are making waves in the real estate scene. 🌊 1. Powell River, BC - Where Nature Meets Accessibility! Topping the charts is Powell River, BC, stealing the spotlight with a jaw-dropping 40.5% surge in average house prices over the past year! 📈 Why the buzz? Its not just about the skyrocketing prices but also being the largest and most accessible gem on the Sunshine Coast. 🌞 Lakes, beaches, and a perfect blend of business, culture, and nature Powell River has it all! 2. Sherbrooke, QC - Rising Star in Quebec! Quebecs sweetheart, Sherbrooke, takes the silver with a 29% spike in house prices, making it a true rising star! 🌟 With an average house price of $515,155, its proving that affordable living and charm can go hand in hand. 3. Brandon, MB - Affordable Living with a 24.5% Boost! Grabbing the bronze is Brandon, Manitoba, boasting a 24.5% increase in house prices and holding the title for the second-lowest average house price in the top 10. 🥉 Wallet-friendly and on the rise a winning combo! 4-10. The Marvelous Mix from Coast to Coast! Trois-Rivires, Lloydminster, Thunder Bay, Kelowna, Cape Breton, Lethbridge, Central Alberta, and Annapolis Valley are holding their own in the ranking, showcasing the diverse desirability of Canadian landscapes. 🌎 From the picturesque beaches of Nova Scotia to the stunning mountains of Alberta, theres a spot for everyone! Territories Trending! 🌌 Hold onto your hats! Northwest Territories are stealing the show with an astounding 45.5% surge in average house prices, while Yukon is taking a breather with a slight dip. 📉 And Now, the Not-So-Great News... 😢 Portage La Prairie, Alberta Wes, and Bancroft Area are facing a dip in average house prices, but hey, every rollercoaster has its twists and turns! 🎢 So, there you have it, folks! The lowdown on Canadas hottest living spots brought to you by KelownaHomes.ca and CMP Magazine. 🏡✨ Time to pack your bags and explore these gems! #CanadianLiving #RealEstateMagic #HomeSweetHome #ExploreCanada 🍁 Bonus Mortgage Broker Tags: #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Riding Out the Mortgage Tides is a 'Mission Possible' for Canadian Households

12/15/2023

Higher borrowing costs are leaving a permanent mark on the Canadian families who by the end of 2024 would have to budget for a roughly 30% increase in their monthly mortgage payments, on average. On aggregate, mortgage payments growth is forecast to slow next year, remain relatively flat in 2025 but pick up again in 2026, even if Canadian economy falls into a mild recession in 2024. Elevated mortgage payments will create an enduring drag on consumption and broader economic growth. Despite this, a relatively more resilient job market and largely unspent excess deposits should provide enough support for an average Canadian family to manage an increased debt servicing cost. https://economics.td.com/ca-mortgage-tides-canada-households

READ MORE

Home sales plummet in October as affordability remains an issue

12/15/2023

Summary On a seasonally adjusted basis, home sales dropped 5.6% from September to October, a fourth monthly contraction in a row and the sharpest slowdown in sales since June 2022. On the supply side, new listings decreased 2.3% in October, a first decline in seven months. Active listing increased by 4.6%, a fourth monthly gain in a row. As a result the number of months of inventory (active-listings to sales) increased from 3.7 in September to 4.1 in October and is now roughly back in line with its pre-pandemic level. The market conditions loosened during the month but remained tighter than its historical average in 7 provinces, while market conditions were balanced in B.C. and Manitoba, and looser than average in Ontario. Housing starts rose 4.0K in October to a 4-month high of 274.7K (seasonally adjusted and annualized), a result comfortably above the median economist forecast calling for a 255.0K print. Urban starts advanced 6.1K (to 257.4K) on gains in both the multi-family (+2.1K to 209.9K) and the single-family segment (+4.0K to 47.5K). Starts decreased in Toronto (-13.9K to 44.6K), Montreal (-13.6K to 18.2K), and Calgary (-9.0K to 34.8K), while they increased in Vancouver (+9.0K to 34.8K). The Teranet-National Bank Composite National House Price Index decreased by 0.4% in October after seasonal adjustment. seven of the 11 markets in the composite index were still up during the month: Montreal (+3.7%), Halifax (+1.1%), Winnipeg (+1.0%), Quebec City (+0.9%), Calgary (+0.6%), Victoria (+0.3%) and Hamilton (+0.2%). Conversely, prices were down in Toronto (-1.6%), Edmonton (-1.2%), Vancouver (-1.1%) and Ottawa-Gatineau (-1.1%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

🏡 Navigating Mortgage Renewals: What's the Scoop from Scotiabank? 🏦"

12/12/2023

Hey there, home sweet homeowners! 👋 Ready for some real talk about your mortgage renewal game plan? Weve got the lowdown on Scotiabanks latest strategy straight from the pages of CanadianMortgageTrends magazine. 📰✨ So, heres the scoop: Scotiabank is shaking things up with a game plan called customer de-selection at renewal. 🔄 But hold your horsesbefore you panic about your mortgages fate, lets break it down. According to Dan Rees, the head honcho of Canadian Banking at Scotiabank, theyre all about being picky in a softer housing market. 🏠💼 Its like theyre raising the bar and being more efficient with their capital. But what does this mean for you and your mortgage renewal? Lets dive in. 💼 Is Your Mortgage Renewal Guaranteed? Ron Butler, the mortgage guru at Butler Mortgage, spills the beans. Generally, if youve been a good mortgage holder (payments on time, no secret home rebuilds or prison stints), youre likely to get that renewal offer. 🤞💰 Provincially regulated credit unions are on the same wavelength, following similar guidelines. Frances Hinojosa, the CEO of Tribe Financial, adds a dash of reality. Its not a slam dunk! Lenders might consider factors like your loan-to-value ratio or the economic vibes when deciding. 📊💸 🤔 Potential Misinterpretation Alert! Mortgage de-selection might sound like a breakup, but Ron Butler says its more like a renewal offer thats just not hitting the sweet spot. 🍬💔 The chance of Scotiabank flat out refusing renewals is as rare as finding a unicorn in your backyard, according to him. Matthew Imhoff from Meticulous Mortgages agrees. Its more about the bank offering a rate that keeps both parties happy. Its a dance, not a duel! 💃🕺 📉 A Riskier Rate Environment With interest rates doing the cha-cha and loads of mortgages up for renewal at higher rates, lenders are playing a cautious game. 💃💼💰 Theyre prepping for potential hiccups, and regulatory requirements are making things trickier. OSFIs Domestic Stability Buffer is like a financial safety net, keeping things interesting for the Big 6 banks. 🌧️💸 💌 Scotiabank Clears the Air In an email to CMT, Scotiabank sets the record straight. Their mortgage portfolio is flexing its muscles, and when your mortgage renewal rolls around, theyre committed to offering options that suit your needs and goals. Phew! 😅🏦 So, there you have itthe 411 on Scotiabanks mortgage mojo. Remember, its not a breakup; its just a dance with interest rates! 💃🕺 #MortgageRenewal #ScotiabankStrategy #HomeownerHustle 🏡💼 🏡✨ #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Navigating Canada's Housing Landscape: November Insights 🍁

12/11/2023

Hey there, home hunters and real estate enthusiasts! 👋🏠 Ready for the lowdown on Canadas housing scene? Weve got the scoop straight from the CanadianMortgageTrends magazine. 📰✨ The State of the Market: November Recap 📊 November has seen a continuation of the housing slowdown across the country, but guess what? 🧐 No widespread distressed selling on the horizon. Phew! 🚨 Sales are easing up in major metro markets, putting many areas on or near buyers market turf. However, Calgarys doing its own thing with a remarkable 10% YoY boost in sales and prices. 📉📈 RBCs Robert Hogue points out that high-interest rates, affordability hiccups, and economic uncertainties are putting a damper on potential buyers. 🤔 But hold up, relief might be in sight! 🚀 Bond yields are on a downward spiral, and rumors are swirling that the Bank of Canada might do a rate-cut dance in the first half of 2024. Lower rates could mean a breather for existing homeowners and newbies eyeing the market. 🏡💸 Inventory Insights and Market Roundup 🌐 Despite interest rate hurdles, new listings havent skyrocketed, and theres no alarming spike in housing inventory. 📉🏠 RBCs Hogue reassures us that the much-feared mortgage renewal shock hasnt triggered a supply avalanche. In fact, some markets, including Toronto and Vancouver, have seen a dip in new listings. Now, lets peek into the stats of some major regions: 📍 Greater Toronto Area 🏙️ Sales: 4,236 (-6% YoY) Benchmark price: $1,082,179 (+0.3%) New listings: 10,545 (+16.5%) Jason Mercer from TRREB says affordabilitys getting a boost as prices adjust. He predicts demand might spike again as mortgage rates dip next year. 📈💰 📍 Greater Vancouver Area 🏞️ Sales: 1,702 (+4.7%) Benchmark price: $1,185,100 (+4.9%) New listings: 3,369 (+9.8%) Active listings are on the rise, providing more options for buyers, says REBGVs Andrew Lis. 📈🔍 📍 Montreal Census Metropolitan Area 🏰 Sales: 2,664 (-1%) Median price (single-family detached): $539,700 (+4%) Montreal, unlike its counterparts, isnt seeing a flood of properties returning to the market, says Charles Brant of QPAREB. Economic slowdown? Maybe, but less impact on households in the Quebec metropolis. 🍁💼 📍 Calgary 🏔️ Sales: 1,787 (+8.8%) Benchmark price: $572,700 (+10.7%) New listings: 2,227 (+38.2%) Calgarys favoring sellers, with low inventory and strong demand driving further price growth, notes CREBs Ann-Marie Lurie. 📈💪 📍 Ottawa 🏛️ Sales: 724 (-1.6%) Avg. price (residential property): $708,900 (+1.6%) Avg. price (condo): $424,300 (+1.2%) Ottawas colder months are bringing more listings, but OREBs Ken Dekker says dont snooze on the market if youre looking to make moves. 🌨️🏠 Wrap-Up and Hashtags Galore 🏡🚀 In a nutshell, Canadas housing vibe is navigating through challenges, but with potential relief in sight. Stay tuned for more updates as we ride the waves of the real estate rollercoaster! 🎢🏡 #CanadianHousing #RealEstateInsights #HomeSweetHome #HousingTrends #MortgageMagic #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡✨

READ MORE

Breaking Down the Bank of Canada's Latest Move: Are Rate Hikes on Pause? 🏦💼

12/8/2023

Hey there, financial enthusiasts! Your friendly neighborhood finance geek here, breaking down the recent buzz from the Bank of Canada, as reported by CMP magazine. 📰✨ So, whats the scoop? Well, according to CIBCs Deputy Chief Economist, Benjamin Tal, the Bank of Canada might be hitting the pause button on rate hikes. 🚫💸 In a recent statement, the central bank kept its policy rate unchanged for the third time in a row, and Tal thinks this signals the end of their rate-hiking spree. Tal calls the Banks statement relatively dovish, suggesting that theyre basically saying, Were done here, folks. 🕊️📉 However, theyre keeping the door slightly ajar by mentioning they might raise rates if needed. Its like saying, Dont party too hard, but the options still on the table. 😅🎉 But why the cautious approach? Tal thinks its to avoid a market freak-out. If they declare victory too soon, the long-term interest rates could take a nosedive, and thats not the economic rollercoaster theyre aiming for. 🎢📈 Looking ahead, Tal predicts the Bank wont make any rate moves until May or June, with potential cuts in the cards later in the year. 🗓️💰 And what about the housing market? 🏡 According to Tal, brace yourselves for a bumpy ride in the next few months, especially in the condo space. 🏢📉 Renewing your mortgage? 🏠 Watch out! Rates have been on a rollercoaster for the past 20 months, and Canadians might be in for a shock at renewal time. 📉💸 Tal stresses the importance of the Bank cutting rates in 2024 to prevent a financial rollercoaster from turning into a financial freefall. 🆘🏦 As we roll into 2024, the economic forecast looks a bit gloomy, with a semi-recessionary pace on the horizon. 😕 But, fear not! Tal sees a silver lining in the second half of the year, with the labor market slowly normalizing. 💼🔄 So, buckle up, money mavens! The Bank of Canadas move has set the stage for an interesting financial journey ahead. 🚀📊 Keep an eye on those interest rates, and lets see where the economic winds take us! 💨💼 #BankOfCanada #EconomicOutlook #FinanceNews #InterestRates #HousingMarket #MoneyTalks #CMPMagazine 🇨🇦💸🏡🍁 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

12/7/2023

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy continues to slow and inflation has eased further. In the United States, growth has been stronger than expected, led by robust consumer spending, but is likely to weaken in the months ahead as past policy rate increases work their way through the economy. Growth in the euro area has weakened and, combined with lower energy prices, this has reduced inflationary pressures. Oil prices are about $10-per-barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have also eased, with long-term interest rates unwinding some of the sharp increases seen earlier in the autumn. The US dollar has weakened against most currencies, including Canadas. In Canada, economic growth stalled through the middle quarters of 2023. Real GDP contracted at a rate of 1.1% in the third quarter, following growth of 1.4% in the second quarter. Higher interest rates are clearly restraining spending: consumption growth in the last two quarters was close to zero, and business investment has been volatile but essentially flat over the past year. Exports and inventory adjustment subtracted from GDP growth in the third quarter, while government spending and new home construction provided a boost. The labour market continues to ease: job creation has been slower than labour force growth, job vacancies have declined further, and the unemployment rate has risen modestly. Even so, wages are still rising by 4-5%. Overall, these data and indicators for the fourth quarter suggest the economy is no longer in excess demand.

READ MORE

🏡 Decoding the Buzz: Canadian Mortgage Charter Unpacked!

12/7/2023

Hey there, mortgage mavens! Weve got the lowdown on the recent Canadian Mortgage Charter hoopla, and it seems like not everyone is singing its praises. 🎤💔 Last week, the Liberal government rolled out what they dubbed as a new Canadian Mortgage Charter. 🍁 The goal? To ensure struggling mortgage holders catch a break. But guess what? The response has been a bit, well, underwhelming. Industry insiders are calling it everything from nonsense to much ado about nothing. 🤷♂️ In a nutshell, they claim its just a fancy repackaging of guidelines already dished out by the Financial Consumer Agency of Canada (FCAC) back in July. Ron Butler, the mortgage guru, didnt mince words, calling it mainly nonsense and old news repackaged for added political theatre. 🎭 Tyler Hildebrand chimed in, saying, Most of these things are already in practice at most lenders. Even the Mortgage Professionals Canada association joined the chorus, echoing that the charter isnt exactly breaking new ground. 🗣️ According to MPC President Lauren van den Berg, it mostly highlights existing measures to protect mortgage holders facing financial pressure. Now, lets break down some misconceptions circulating the mortgage grapevine: 1. Did the government tweak the mortgage stress test? 🤔 Nope! No new changes to the stress test, whether its for insured or uninsured mortgages. The confusion seems to stem from a snippet about not requiring insured mortgage holders to re-qualify when switching lenders at renewal. But guess what? Thats been the norm since 2016. Mortgage broker Dave Larock emphasizes the importance of dispelling misinformation, saying, Theres a lot of false information, and its incumbent upon us to explain how things really work. 💬 2. Does the Mortgage Charter have legal muscle? ⚖️ Nope again! Its more like a powerful word without legal standing. Ryan Sims, a savvy broker, notes that the charter is entirely voluntary. Big banks arent obligated to participate, leaving it toothless. 3. Can lenders really waive prepayment penalties? 💰 Critics say its almost comical to think so. Tyler Hildebrand points out, Banks do not waive consequences for breaking contracts. The charters principle about avoiding prepayment penalties? A bit of a head-scratcher. 4. Contacting borrowers before renewal groundbreaking or not? 📆 Some argue its not exactly groundbreaking. Ron Butler notes that most lenders already reach out 4-6 months before renewal. The catch? If they offer a rate six months in advance, youve got to accept it then, or theyll pay a pretty penny for a rate hedge. Zero financial advantage? Ouch. 5. Who exactly is a vulnerable borrower? 🤔 Great question! The government doesnt exactly provide a clear-cut definition. The FCAC throws in consumers at risk, describing them as folks facing severe financial stress due to exceptional circumstances and at risk of mortgage default. A bit vague, isnt it? In a nutshell, the Canadian Mortgage Charter seems to be raising more eyebrows than applause. As we navigate this mortgage maze, one thing is clear the world of mortgages is more complex than ever. 🌐 So, if youre diving into the mortgage waters, consider working with experienced advisors. They could be your compass in this sea of confusion. Remember, knowledge is power! 💪✨ Stay tuned for more mortgage musings, and let us know your thoughts in the comments below! 🗣️💬 #CanadianMortgageTrends #MortgageCharter #RealTalk #FinanceBuzz #HomeSweetHome 🏡🚀 🏡🍁 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker

READ MORE

Bank of Canada Spills the Beans on 2023's Final Rate Call! 🏦💸

12/6/2023

Hey money mavens! 💰 Its your favorite financial scoop here, straight from CMP Magazine. 📰✨ Buckle up because the Bank of Canada just spilled the tea on its last rate decision of 2023! ☕🇨🇦 So, whats the 411? 🤔 Well, the central banks keeping it steady with the policy interest rate at 5.0%. 📉 No surprises there, this marks the third time in a row theyve hit pause on the rate rollercoaster. 🎢 Seems like those previous hikes are doing the trick in giving our economy a chill pill. 😎 But wait, theres more! The Bank is still rocking that hawkish vibe, staying on guard against inflation risks. 👀 They even hinted that if push comes to shove, theyre ready to bump up that rate again. 💼📈 And guess what? Market gurus saw this one coming from a mile away. 🕵️♂️ Governor Tiff Macklems been dropping some unexpectedly chill vibes lately, suggesting rates might already be doing their job on the inflation front. The economic scene? Well, inflations taken a little dip, unemployments doing its own dance, and GDP growth is taking a breather. 📉💼 But lets rewind a bit the Bank went all out with 10 rate hikes from March 2022 to July 2023, pushing that policy rate to a 22-year high! 😲💪 Remember that crazy inflation spike in June 2022? We hit a 39-year high! 📈🔥 But guess what? The latest gossip says its chilling at 3.1% now, with signs that core prices are finally catching a break. 🌬️💸 Now, for the big question everyones been asking: Whens the rate-drop party happening? 🎉🤷♀️ Well, the financial wizards think 2024 might be the year, but no ones placing bets just yet. ⏰💼 Thats the scoop, folks! Your dose of financial gossip from CMP Magazine. Stay tuned for more money talk, and catch you on the flip side! 🔄💼 #BankOfCanada #FinancialScoop #MoneyTalks #EconomicGossip #InterestRates #CMPMagazine #FinanceBuzz #MoneyMatters #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

🏡 Canadian Housing Market Update: What to Expect in 2024! 📉🇨🇦

12/4/2023

Hey, Home Sweet Home enthusiasts! 🏠✨ Ready for the 411 on Canadas housing market in 2024? Buckle up, because the latest scoop from Canadian Mortgage Trends magazine is here! 📰🍁 Housing Hurdles Ahead? 🤔 According to the experts at Re/Max, the Great White North is gearing up for a bit of a slowdown in the housing game. 📉🏡 Average prices are expected to grow at a turtles pace just 0.5% in 2024. But hey, dont get too down because there are bright spots! 🌟🏘️ About 61% of the regions surveyed are set to see prices rise between 2% and 7.5%. Despite a pandemic-driven surge that left prices 38% higher than pre-pandemic, a fall chill is expected, dampening sellers spirits. But fear not, resilient Canucks, youve weathered storms before! 🇨🇦💪 Regional Rundown 🗺️ In the real estate Olympic Games, Metro Vancouver takes home the gold with a 2% rise, hitting an average of $1.52 million. 🥇🏔️ Meanwhile, Halifax, Mississauga, and Brampton might be doing the housing limbo no growth for them in 2024. 📉🍁 Toronto, the heavyweight champ, is in for a surprise with prices expected to drop 3% to $1.09 million. Victoria, B.C., and Kitchener-Waterloo are also in the decline club, with slips of 2% and a potential 8%, respectively. North Bay, ON, the Cinderella story of 2023, might not see any growth in 2024. 🏰👎 Affordability Avengers to the Rescue! 💰 Affordability is the buzzkill of the year, and interest rate hikes are not making things easier. 📉💸 But guess what? Not all heroes wear capes! Some homebuyers are turning into landlords, eyeing properties with rental potential to offset the rising cost of living and mortgage payments. 🦸♂️🏠 Re/Max predicts this trend to keep riding the wave into 2024. Market Musings and Perceptions 🤔📈 Despite a 45% drop in overall housing unit sales since early 2021, Canadians still see real estate as the holy grail of investments. 🏆🤑 A whopping 73% believe its the best investment, according to a Leger survey commissioned by Re/Max. Even in the face of a cooling market, Canadians love for real estate remains steadfast. Wrap It Up with a Bow! 🎀 So, whats the takeaway? While the market might cool off in the first half of 2024, the love affair with real estate is far from over! ❤️🏡 With nearly 80% of Canadians viewing real estate as a solid long-term investment, its safe to say that the home turf is still where the heart is. 💓🍁 Get ready for the ride, homeowners and dreamers! 🚀✨ Keep those eyes on the horizon and stay tuned for more updates. Until next time, happy house hunting! 🏠🔍 #RealEstateRundown #HomeSweetHome #HousingTrends2024 #CanadianDreamHome

READ MORE

"What’s Cooking in Canada's Interest Rate Kitchen? 🇨🇦🏠

12/1/2023

Hey there, money-savvy pals! 👋 Ready for a Bank of Canada update thats juicier than your morning coffee? ☕ Well, buckle up because the last rate announcement of the year is just around the corner, and were here to spill the tea! 🍵 So, according to our friends at CMP Magazine, it seems like the Bank of Canada has been keeping things steady with interest rates. No surprise there! 🤷♂️ In fact, the rumor mill suggests they might even sprinkle a bit of dovish language into the mix. 🕊️ Why? Well, its all about those third-quarter GDP figures the deets havent dropped yet, but if theyre weak, we could be looking at the Bank hinting that theyre done playing with monetary policy. Positive vibes for the market! 📉✨ But hold your horses because Governor Tiff Macklem recently dropped a bombshell, hinting that interest rates might be high enough already to cool down inflation. 🌡️ Say what?! Could it be that the era of rate hikes is taking a breather? Some say Macklem might be eyeing the upcoming mortgage renewal wave, thinking, Lets not make those monthly payments a Netflix thriller. 🎬💸 Now, about that housing market rollercoaster! 🏡🎢 The Bank of Canada did a rate-cut dance at the beginning of the pandemic, fueling a housing market explosion. Fast forward, they hit the brakes with a rate hike party, and here we are rates at a 22-year high. 😬 But fear not, house hunters! Our financial fortune teller, Sherry Cooper, says the spring season might just bring some warmth to the real estate scene. 🌷💼 So, whats the takeaway? 🤔 Well, it looks like interest rates might be putting on the brakes for now, and the housing market could catch a second wind in the spring. 🌬️🏠 Time to keep an eye on those rates and maybe start planning your dream home renovation project! 🛠️✨ Stay tuned for more money magic and financial fairytales your wallet will thank you later! 💰💙 #MoneyMatters #BankofCanada #RealEstateRide #FinancialFables #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

🏡🍁 Discover the Safest Havens in Canada: Toronto Takes the Crown!

11/30/2023

Hey, home seekers and savvy investors! 🌟 Wondering where to plant your roots in the Great White North? According to a recent survey by CMP magazine, Toronto has snagged the top spot as the safest city in Canada. 🛡️ But hey, theres more to the story! The survey delved into incidents like arson, burglary, robbery, and impaired driving, using data from the Canadian Crime Index. Toronto came out shining with a mere 286.9 offenses per 100,000 people thats less than a quarter of what Lethbridge is dealing with! 😱 Heres the lowdown on the top 10 safest Canadian cities: Toronto: 286.9 offenses per 100,000 people Quebec: 301 offenses per 100,000 people Ottawa-Gatineau, QC: 318.8 offenses per 100,000 people Sherbrooke: 327.4 offenses per 100,000 people Ottawa-Gatineau, ON: 333.9 offenses per 100,000 people Montreal: 356.7 offenses per 100,000 people Barrie: 356.7 offenses per 100,000 people Trois-Rivires: 366.2 offenses per 100,000 people Saguenay: 396.3 offenses per 100,000 people Hamilton: 420.6 offenses per 100,000 people Why does it matter? Well, besides keeping you and your loved ones safe, the safety rates can sway housing prices and the overall charm of an area. 💸 For those eyeing real estate investments in the Great White North, this study is your golden ticket to finding the perfect spot to park your money and what it could mean for the housing market down the line. Whether youre considering a move or just curious about your citys safety scene, this info is the inside scoop youve been craving. 🕵️♀️ Ready to invest in your dream home or pad your investment portfolio? These safe havens are calling your name! #SafeCitiesCanada #RealEstateGurus #HomeSweetHome 🏠💙 And for our friends in beautiful British Columbia, here are some top-notch mortgage brokers to help you seal the deal: #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

Housing affordability: Significant deterioration in Q3 2023

11/10/2023

From National Bank of Canada The third quarter of 2023 witnessed a considerable deterioration for housing affordability in Canada. This degradation follows three consecutive quarters of improvements and deletes nearly two thirds of the progress that had been made so far. The worsening was widespread with every single market experiencing an increase in their mortgage payment as a percentage of income (MPPI). At the national level the deterioration stemmed from a surge in home prices of 4.6%, the largest in 6 quarters and partially erasing the decline over the last year. A rebound in home prices during a period of rising interest rates could initially appear perplexing. That said, a chronic lack of supply in the resale market compounded by record population growth has allowed prices to rise. Also contributing to lessening affordability, mortgage interest rates rose 32 basis points in the quarter, more than eliminating the two prior declines. While still rising income was a partial offset in the third quarter, it did little to assuage the situation. Looking ahead, we see a moribund outlook for affordability. At the very least, a further worsening is in the cards for the last quarter of the year. Mortgage interest rates have steadily trended up in October on the back of rising longer-term interest rates. If interest rates hold at their current level, it would only take a home price increase of 2% in the fourth quarter to surpass the worst level of affordability in a generation. The outlook remains particularly challenging for first-time homebuyers. HIGHLIGHTS: Canadian housing affordability posted a worsening in Q323 following three consecutive improvements. The mortgage payment on a representative home as a percentage of income (MPPI) rose 4.0 points, more than erasing the previous pullback of 1.6-points in Q223. Seasonally adjusted home prices increased 4.6% in Q323 from Q223; the benchmark mortgage rate (5-year term) surged 32 bps, while median household income rose 1.2%. Affordability deteriorated in all of the ten markets covered in Q3. On a sliding scale of markets from worst deterioration to least: Vancouver, Toronto, Victoria, Hamilton, Calgary, Montreal, Quebec, Ottawa-Gatineau, Winnipeg, and Edmonton. Countrywide, affordability worsened 2.5 pp in the condo portion vs. a 4.5 pp degradation in the non-condo segment. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

READ MORE

🏡📉 Unveiling the Mortgage Chronicles: Navigating the "Higher for Longer" Interest Rates Rollercoaster in Canada! 🚀📈

11/10/2023

Hold onto your toques, fellow Canucks! The Bank of Canadas Senior Deputy Governor, Carolyn Rogers, just spilled the financial tea in Vancouver, and its a game-changer for mortgage holders. 🍵💸 In this riveting ride through the monetary maze, Rogers dishes on why interest rates might be our new long-term frenemy. Global forces are doing the tango with higher rates, and were not left out of the dance floor drama. Our very own Banks overnight target rate has set a record-breaking pace, climbing a whopping 475 basis points in just 16 months! Talk about a financial sprint! 🏃♂️💼 So, whats the deal? The era of low rates during the pandemic, thanks to frugal baby boomers, Chinas economic rise, and lackluster business investments, is bidding us adieu. These trends are doing a 180, cranking up the pressure on interest rates. 🔥💰 But fear not! Rogers isnt sounding the alarm; shes giving us the heads up to buckle up and make savvy financial moves. Think of it like adjusting your playlist for a longer road trip gotta keep the vibes right! 🎶💪 Our economys been flexing, adapting to higher rates like a boss. But Rogers says we cant chill just yet; we need to keep the hustle alive to ensure our financial system stays robust as a beaver dam. 🦫🏛️ This higher-for-longer rhythm has hit pause on consumer spending and borrowing, with annual household credit growth slowing to a steady 3%. Its like the 90s slowed-down remix of our financial moves! 🕺💳 And for all you mortgage enthusiasts, take note! Applications are napping, but banks are still giving the green light. Rogers assures us its not a lending standards crackdown; its just a I need some space moment for credit demand. 🤷♀️💔 But heres the real talk: if youve got a mortgage with fixed payments, brace yourself! By the end of 2026, youll be facing a renewal cycle, and depending on the interest rate vibes, your payments might hit the dance floor with significantly higher numbers. 💃💸 Dont hit panic mode just yet! Rogers is keeping an eye on the financial stress-o-meter for households with mortgages, and so far, its a cool breeze. Delinquency rates on credit cards, auto loans, and unsecured lines of credit are doing the limbo at pre-pandemic levels. 🏖️💳 So, Canucks, lets keep our financial game strong, adjust our money mindset, and ride this interest rate rollercoaster like pros. 💪💸 And guess where I snagged all this juicy info? The Canadian Mortgage Trends magazine, dated November 9, 2023. Stay savvy, stay cool, and may your interest rates be ever in your favor! 🇨🇦💰 #MortgageMagic #FinancialFlex #HigherForLonger #InterestRateInsider #HomeSweetHome #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

"Bank of Canada's Roller Coaster Ride with Interest Rates and Inflation 🇨🇦💰"

11/9/2023

Hey there, financial-savvy folks! 📈 Ready for a scoop on the latest roller coaster ride at the Bank of Canada? Buckle up because weve got some insights from a November 8, 2023 article in Canadian Mortgage Trends magazine. Is the Interest Rate Going Up or Down? 🎢 So, last month, the Bank of Canada decided to keep the interest rates steady. But guess what? Not everyone was on the same page! 🤔 Some were like, Yep, rates should go up to tame inflation, while others were more chill, thinking that 5% might do the trick to bring inflation back to 2%, if we hold it there long enough. In the end, they decided to be patient and maintain the status quo. 🙆♀️🙆♂️ Inflation: The Ultimate Balancing Act 📊 Inflation, the star of the show, has been putting on quite a performance. 🌟 Headline inflation slowed down to 3.8% in September, but core inflation (which ignores the wacky stuff like food and energy) has been hanging around 3.5% to 4% for a whole year! 🍔⛽ Why Is Inflation Sticking Around? 🏠💸 The Bank of Canadas Council had a little chat about whats been stopping them from tackling inflation. First up, global oil prices have been on the rise, pushing inflation up from its summer low. 🛢️🌎 And then theres shelter inflation, which is riding high at a whopping 6%. This is thanks to the banks own monetary policy tightening, causing mortgage interest costs to soar. 🏡💰 Usually, higher interest rates should cool down house prices, but theres a hiccup: Canadas housing shortage. 🏗️ The rapidly growing population is only adding to the housing supply-demand imbalance. Whats the Future Look Like? 🔮 In their latest Monetary Policy Report, the Bank of Canada upgraded their inflation forecast. Theyre thinking well see an average of 3.9% in 2023 (up from 3.7%), before a drop to 3% in 2024 (previously 2.5%). Its a bit of a wild ride, but theyre aiming to hit their 2% target by mid-2025. 🎯 So, thats the scoop on the Bank of Canadas recent dance with interest rates and inflation. Stay tuned for more financial twists and turns! 💃🕺 #BankOfCanada #Inflation #InterestRates #EconomicRide #FinanceUpdates 📰💸 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

BoC's Rate-Cutting Plans for 2024: What It Means for Canadian Homeowners and Mortgage Brokers 🏡💰

11/8/2023

Hey there, mortgage enthusiasts! Weve got some big news about the Bank of Canadas (BoC) rate-cutting plans for 2024 and what it means for all you homeowners and mortgage brokers out there. So, grab your favorite brew ☕️ and lets dive into the scoop! After years of watching those interest rates climb, it seems like the BoC is about to take a different road. According to experts, the central bank is planning to kickstart a rate-cutting journey in April 2024. 🚗💸 However, heres the twist theyre hitting the road a bit later than we all expected. For those of you who have been keeping track, the BoC has been partying at a 22-year high with a 5% benchmark interest rate. 🎉 But now, its time to dial it down a notch. The financial market experts (all 27 of them) are predicting that these rates might groove their way down to 4% by the end of 2024. 🕺💰 But wait, theres more! The inflation rate is also ready to join the dance, with projections pointing towards a drop to 2.2% by the end of 2024. 📉 Our Gross Domestic Product (GDP) is not one to be left out, and its ready to strut its stuff with a 1.2% annual increase. 💃💼 Just when you thought the party was over, Statistics Canada dropped a bombshell. Theyre predicting a 0.1% GDP decline during the third quarter a bit of a hangover from the high interest rates and inflation weve been experiencing. 🧨😩 So, where is the BoC heading with all these rate-cutting moves? Well, David Macdonald, a senior economist, suggests theyll likely keep their benchmark rate in the 2%-3% range. 📈 This move is all about taming the inflation beast, but dont think the journey is over yet! 😅 TDs chief economist, Beata Caranci, adds a bit more spice to the mix. She thinks that the rate cuts wont happen as quickly as those rate hikes did. In fact, shes telling us not to hold our breath for fast relief. 🚀🤔 So there you have it, folks! The BoC is planning to shake things up, but the road to lower interest rates might not be a speedy one. Well be keeping a close eye on how this unfolds, so stay tuned for more updates. 🏠💡 #BoCNews #InterestRatesEh #MortgageBrokers #CanadianHousingMarket #RealEstateCanada #EconomicOutlook 🏡💼 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🇨🇦 Canada's Economic Slowdown: What You Need to Know! 📉

11/7/2023

Hey there, savvy readers! Weve got some juicy financial scoop for you, and its all about Canadas economic situation in our November 6, 2023 article from CMP magazine. 📆 So, heres the deal: 🇨🇦 Canada seems to be cruising into an economic slowdown, and the experts are taking notice. According to the latest stats, our Gross Domestic Product (GDP) is expected to take a dip of 0.1% in the third quarter. Ouch! 📉💸 Whats causing this economic chill, you ask? Well, rising interest rates and persistent high inflation are certainly throwing a wrench into the economic gears. 🛠️📈💰 And if you thought job growth was the silver lining, think again. The overall unemployment rate in October saw a tiny uptick to 5.7%, despite the addition of 18,000 jobs during the same month. 😓👥💼 Now, heres where it gets interesting. The quality of the new jobs doesnt seem to be winning any awards. Full-time positions took a hit, with a loss of 3,000 jobs, while part-time gigs jumped up by 21,000. Private paid employment? Well, it didnt budge. 😐👔 CIBC Capital Markets economist Andrew Grantham weighed in, saying, [The latest jobs] report is further evidence that more rate hikes are not necessary to cool the economy. 👨💼💭 And Royal Bank of Canadas assistant chief economist, Nathan Janzen, pointed out that the bump in unemployment can be attributed to Canadas brisk population growth. Its not layoffs but rather a lack of job creation keeping up with the growing crowd. 👨🏫📈👨💼 Whats more, wage growth is feeling a little sluggish. We saw a dip from 5.3% in September to 5% in October. 📉💵💼 Deloitte Canadas chief economist, Dawn Desjardins, had some insight: These wages numbers are not where they want them to be, but directionally, it does suit the Bank of Canada very well. So, it seems like the labor market, which was robust before, is now showing some real signs of cooling off. 😴🏢💡 Whats next for Canada? Well, experts believe that this might be enough to get the Bank of Canada to ease off the gas pedal a bit. Maybe a rate cut is on the horizon? 🏦🚗📉 Stay tuned, folks! Our northern neighbor is going through some financial turbulence, and its a story worth following. 📰🇨🇦💼 #CanadaEconomy #EconomicSlowdown #GDP #Unemployment #WageGrowth #BankofCanada #FinancialNews #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🏡 Protecting Your Home and Family: Why Personal Term Life Insurance Beats Creditor Mortgage Insurance 💼

11/6/2023

Hey there, savvy homeowners of Vancouver, BC! 👋 For most of us, our home is our biggest investment, and ensuring its protected for our loved ones is a top priority. But when it comes to safeguarding your familys financial future, the choice between personal term life insurance and creditor mortgage insurance can be as tough as deciding between sushi or pizza on a Friday night! 🍣🍕 Lets break it down for you in simple terms: 1. The Beneficiary: With personal term life insurance, you decide who receives the payout - your family, your partner, whoever you want to protect. 🤗 Creditor mortgage insurance, on the other hand, names your lender as the sole beneficiary. Your loved ones wont see a cent until that mortgage is paid off. 😞 2. Medical Tests: Personal term life insurance may require a medical questionnaire and exam upfront. But heres the upside: because the underwriting happens before a claim is made, you can have confidence that your provider will pay out when its needed. Creditor mortgage insurance usually skips the medical exam but can deny your claim later if you have health issues because underwriting happens after the claim. 😷 3. Portability: Imagine the flexibility of personal term life insurance that stays with you even if you move or change lenders. 🌍 Creditor mortgage insurance is as loyal as your Wi-Fi signal, tied to your home and mortgage. Change homes or lenders, and your coverage vanishes like yesterdays Snapchat story. 🏠📱 4. Coverage: With personal term life insurance, your benefit remains steady throughout the term. 📈 Creditor mortgage insurance, on the other hand, decreases as your mortgage shrinks. So, while you keep paying the same premiums, the payout gets smaller over time. 📉 5. Flexibility: Personal term life insurance offers the ultimate flexibility. The payout can be used for anything your loved ones need, from funeral expenses to college tuition to helping your spouse live comfortably. 💐🎓💰 Creditor mortgage insurance? Nope, its strictly for paying off your mortgage and nothing else. 💸 6. Expertise: When you choose personal term life insurance, you often deal with licensed insurance advisors whove aced their exams and are certified experts. Creditor mortgage insurance is typically sold through financial institutions where the staff might not be experts in insurance. 🏦😬 7. Longevity: Creditor mortgage insurance bids farewell as soon as your mortgage is paid off or if you switch lenders. 😢 Personal term life insurance, on the other hand, can often be extended or converted into another policy when your term ends, ensuring you stay protected for the long haul. 🎉 8. Cost Savings: Heres an important point! You may actually pay less with personal term life insurance. The premiums for term life insurance can be more affordable than those for creditor mortgage insurance, making it a cost-effective choice! 💰💲 In a nutshell, while creditor mortgage insurance might seem convenient, it often falls short in terms of flexibility, choice of beneficiary, long-term protection, and cost-effectiveness. Personal term life insurance offers you control, adaptability, peace of mind, and the potential for lower premiums, making it the wiser choice to protect your home and your loved ones. 🏠❤️ Dont settle for a one-size-fits-all solution when it comes to your familys financial security. Choose personal term life insurance, and youll have the power to decide how your legacy is safeguarded. 💪💼 Ready to explore your options and get a personalized quote? Call me today, and lets discuss how personal term life insurance can be tailored to your unique needs and goals. Your familys financial security is just a phone call away! ☎️📞 #VancouverInsuranceBroker #NorthVancouverInsuranceBroker #WestVancouverInsuranceBroker #CoquitlamInsuranceBroker #BurnabyInsuranceBroker #PortMoodyInsuranceBroker #SurreyInsuranceBroker #LangleyInsuranceBroker #AbbotsfordInsuranceBroker #MissionInsuranceBroker #MapleRidgeInsuranceBroker #PittMeadowsInsuranceBroker #ChilliwackInsuranceBroker #KelownaInsuranceBroker #LifeInsurance

READ MORE

Housing market slowed in September as interest rates weigh in

11/3/2023

Summary On a seasonally adjusted basis, home sales decreased 1.9% from August to September, a third monthly contraction in a row following the renewed monetary tightening cycle of the Bank of Canada and the surge in long-term interest rates. On the supply side, new listings jumped 6.3% in September, a sixth consecutive monthly increase. Overall, active listing increased by 3.7%, a third monthly gain in a row. As a result the number of months of inventory (active-listings to sales) increased from 3.5 in August to 3.7 in September. This continues to be higher than the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio loosened during the month but remained tighter than its historical average in every province except Ontario, which now indicated a slightly less tight market than the average. Housing starts rose 20.1K in September to a 3-month high of 270.5K (seasonally adjusted and annualized), a result comfortably above the median economist forecast calling for a 240.0K print. At the provincial level, total starts went up in Ontario (+19.3K to 103.6K), Alberta (+8.7K to a seven-and-a-half-year high of 49.1K) and Nova Scotia (+5.1K to 8.1K). Alternatively, declines were recorded in British Columbia (-8.6K to a 7-month low of 40.5K) and Saskatchewan (-2.7K to 3.4K). The Teranet-National Bank Composite National House Price Index rose 0.7% in September after seasonal adjustment. All 11 markets in the composite index were up during the month: Halifax (+1.9%), Ottawa-Gatineau (+1.7%), Victoria (+1.7%), Vancouver (+1.1%) and Calgary (+0. 9%) posted stronger-than-average growth, while Winnipeg (+0.7%) matched the composite index, and Montreal (+0.1%), Hamilton (+0.1%), Edmonton (+0.2%), Toronto (+0.5%) and Quebec City (+0.5%) saw less vigorous increases. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

🏡 Vancouver's Real Estate Market Update - Nov 2, 2023 📈

11/3/2023

Hey there, house hunters and property enthusiasts! Weve got some exciting news straight from a November 2, 2023 article in CMP magazine about whats happening in the Vancouver real estate scene. 🌆 So, heres the deal: The Real Estate Board of Greater Vancouver (REBGV) just spilled the beans on the latest happenings, and theres a lot to unpack. 📊 The Stats: The number of newly listed properties (think detached homes, townhouses, and apartments) in Metro Vancouver skyrocketed by 15.4% compared to last year. Thats a whopping 4,664 listings in October 2023, up from 4,043 in the same month in 2022. 📅 Currently, there are 11,599 properties listed for sale, a 12.6% increase from last years 10,305. 📈 Sales Are On the Move: Residential sales in Greater Vancouver showed a 3.7% increase when compared to October 2022. While its great to see an upswing, the 1,996 sales recorded still fell short of the 10-year seasonal average for the month. 🏠 Now, lets talk turkey with Andrew Lis, REBGVs director of economics and data analytics. 🦃 Hes got some insights to share: 🤷♂️ Mixed Results: Andrew Lis acknowledges that the Vancouver housing market is a bit of a puzzle at the moment. While more sellers are showing interest, the sluggish sales hint that the demand might not be as robust as expected at this time of year. But, heres the silver lining 🌤️ for all you prospective homebuyers! 💰 💪 Affordability: Andrew Lis points out that higher borrowing costs have put some pressure on affordability, but dont fret. The good news is that the pace of price increases has slowed down. With a more balanced market, your purchasing power is holding steady for now. So, if youve been eyeing that dream home or your very own cozy condo in Vancouver, this could be your moment! 🏠✨ #VancouverRealEstate #HousingMarketUpdate #AffordableHomes #RealEstateNews #PropertyProspects #BuyersMarket 🏘️ Stay tuned for more exciting updates on Vancouvers real estate scene right here! 💼🏡📊 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

"Canada's New Immigration Plan Takes Housing into Account 🏡🇨🇦"

11/2/2023

Hey there, readers! 📰 Its November 1, 2023, and weve got some exciting news from up north. 🍁 Prime Minister Justin Trudeaus government is shaking things up, and its all about housing, healthcare, infrastructure, and more as part of their immigration plan. Lets break it down for you! 🏠 Housing Takes Center Stage: As the housing crisis and affordability concerns continue to make headlines, the Canadian government is stepping up. Immigration Minister Marc Miller has revealed that housing is now a key factor in setting immigration targets. Its about ensuring that newcomers can find a place to call home when they arrive in Canada. 🌟 A Plan for a Stronger Immigration System: The government is not just talking the talk but walking the walk. Theyve also released a comprehensive report outlining their strategy for improving the immigration system. This change couldnt have come at a better time, with critics voicing their concerns about how increasing immigration was impacting housing shortages and putting pressure on essential services like healthcare. 💪 A Heavy Reliance on Immigration: Canada has been heavily relying on immigration to bolster its workforce and counteract the effects of an aging population. In the year leading up to July 1, 2023, Canadas population grew by 2.9%, and a whopping 98% of that growth was attributed to international migration. Thats quite the influx! 👩💼 The Right Age Group: Notably, around two-thirds of recent immigrants who have become permanent residents of Canada are between the ages of 25 and 54. This means theyre in their prime working years, ready to contribute to the countrys growth and prosperity. 🎯 Setting the Targets: Immigration Minister Miller is set to announce Canadas annual targets for permanent residents very soon. Last year, the goal was to reach 485,000 by 2024 and half a million by 2025. Miller made it clear earlier this year that these targets arent going down; they might stay put or even go up because the need for new blood in the Canadian workforce remains strong. So, Canadas immigration plan is evolving, with a focus on making sure immigrants have a roof over their heads and access to vital services. 🏡💼 The government is tackling the housing crisis head-on, and were eager to see how it all unfolds! 📢 Dont forget to use these hashtags: #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🍁 Canada's Economy Stays Flat - Is a Recession Looming? 📉

11/1/2023

Hey there, fellow readers! Its your friendly finance guru here, bringing you the lowdown on whats happening in the Great White North. 🇨🇦 🗓️ October 31, 2023 - CMP Magazine 📰 So, whats the scoop? Well, it seems like Canadas economy is having a bit of a snooze fest, according to the latest stats from Statistics Canada. 😴 Our Gross Domestic Product (GDP) decided to take a breather in August, and it looks like it continued to hit the snooze button into September. Thats two months in a row, folks! In fact, its been so chill that our economy likely shrank at an annualized rate of 0.1% in the third quarter. Ouch! Its like someone let the air out of the economic balloon 🎈. Whats causing this? Well, it seems that rising interest rates and persistent inflation are giving it a rough time. The Bank of Canada has been on a rate-hiking spree, bumping up its benchmark interest rate ten times since last March. Theyve cranked it up to a 22-year high of 5%. 📈💰 Theyve been doing this to keep a lid on the Consumer Price Index (CPI) inflation, which has been running wild. Now, in the world of numbers, theres some good news too. Wholesale trade and mining, quarrying, oil, and gas extraction all perked up a bit in August, which is a bright spot. 🛢️💼 On the flip side, agriculture, forestry, retail, accommodation, manufacturing, and food services had a bit of a slump. While inflation is still above the Bank of Canadas 2% target, theyve decided to take a breather with their rate hikes in their recent announcements. Seems like they think the economy needs a little TLC. If the estimate for September is on the money, it means our economy didnt exactly have a growth spurt between May and that month. 📉📆 Now, whats the word on the street? Well, according to the Royal Bank of Canada (RBC), it looks like the central bank will keep the interest rates unchanged in the coming months. 👑💰 Assistant Chief Economist Nathan Janzen from RBC said, The BoC is still concerned about broader inflation pressures running above the 2% target, but evidence continues to build that go-forward inflation pressures are easing as the economic growth backdrop softens. We dont expect additional interest rate hikes from the BoC as long as that continues. 📊🏦 So, there you have it, folks! Canadas economy is taking a breather, and it looks like we might not see more interest rate hikes in the near future. Lets keep an eye on this economic rollercoaster and see where it takes us. 🎢💼 #CanadaEconomy #BankOfCanada #EconomicUpdate #Inflation #InterestRates #CMPMagazine #CanadianFinance #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🏡 Canadians Brace for Mortgage Payment Shock: RBC Report

10/31/2023

Hey there, savvy homeowners and mortgage enthusiasts! 🇨🇦 Weve got some insights fresh from the October 30, 2023, edition of CMP magazine. Buckle up, because were diving into the Canadian housing market rollercoaster ride! 🎢 📊 RBCs Latest Warning 📉 So, heres the scoop - our pals over at the Royal Bank of Canada (RBC) just dropped a report, and its sounding the alarm bells for mortgage holders in the Great White North. 😱 The report suggests that unless we see some sweet interest rate relief, there might be some financial turbulence in the foreseeable future. 💸 🏡 Mortgage Renewals Under the Microscope 📆 Why the fuss? Well, around 60% of Canadian mortgages are gearing up for renewal within the next three years. 🗓️ The catch? Theres a possibility that these renewals might come with significantly higher interest rates. 📈 Thats where the trouble starts, folks. According to RBCs own Darko Mihelic, mortgage holders could be in for quite the payment shock. By 2026, when a massive $400 billion worth of mortgages are set to be renewed, you could be looking at a hefty 48% increase in monthly payments! 😬 But wait, theres more: the pain might start kicking in as early as next year, with potential 32% increases on $186 billion worth of mortgages in 2024. And in 2025, brace yourself for a possible 33% spike when roughly $315 billion of mortgages are up for renewal. 😵 📈 The Interest Rate Rumble 📈 Whats causing all this commotion, you ask? Well, the Bank of Canada has been raising its benchmark interest rate like its going out of style, bumping it up by 475 points since March 2022! 💰 Theyve gone from a modest 0.25% to a bold 5.0% to tame the inflation beast. But heres the kicker: a 100-basis-point reduction in the central bank rate could help soften the blow, bringing the 2024 and 2025 payment shock down to more manageable levels, around 22% or 23%. Phew! 😅 🔮 Future Forecast 🔮 Now, lets peek into the crystal ball for 2026. If interest rates dont play nice and decline, variable-rate mortgagors could be in for a massive 84% payment shock! 🙈 Yikes! For that to change, the Bank of Canada would need to drop its overnight rate to a super low 0.25% by July of that year, keeping the payment shock at a more reasonable 20% for everyone on variable rates. But lets be real, that might be a tad unrealistic at the moment. 😬 So, there you have it, folks! A glimpse into the potential mortgage mayhem ahead. 🏠🤯 Keep your eyes peeled for any updates, and in the meantime, stay informed and make smart financial choices. 💪💰 #MortgageNews #CanadianHousing #InterestRates #MoneyMatters #MortgageRenewal #EconomicInsights #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🏡 Bank of Canada's Latest Update: Implications for Homeowners 📈📉

10/30/2023

Hey, all you homeowners out there! Weve got some exciting updates fresh from Canadian Mortgage Professional (CMP) regarding the Bank of Canadas recent decision. 🏦💰 Heres the lowdown: The Good News: The Bank of Canada decided to keep the interest rates where they are. 🙌 The Not-So-Good News: But hold on, theres a twist. The bank mentioned that they might consider hiking rates if inflation doesnt play nice. 📈😬 What Does This Mean for You, Homeowners? Well, its a bit of a mixed bag. On the bright side, no immediate rate hikes. But on the flip side, it seems like were in for these rates for a while. 🏠📉 The Banks benchmark rate is currently at 5.0%, the same as in the last two decisions and the highest in 22 years. 😱 The uncertainty about how long these rates will stick around could affect us all. And the housing market, which had a momentary surge in spring, slowed down again due to consecutive rate hikes earlier this year. 📊🏠 The big question: Will the housing market regain its momentum? Well, thats not crystal clear. Rates are a major concern for potential buyers, especially with the stress test at over 8%. 🤨📈 But heres a glimmer of hope: theres talk about potential rate cuts, possibly in the second half of 2024. This could breathe some life back into the housing market. 🤞📉 Yet, theres a catch: its not just about rates; other factors are at play, like the potential for a recession. 📉📊 Whats intriguing is that policymakers seem to be leaning towards lower home prices. Theyre not keen on heating up the housing market; in fact, theyve been quite vocal about preferring lower home values, which is a shift from the past. 🙅♂️🏠 So, there you have it, folks! Keep an eye on the Bank of Canada, stay informed, and there might just be some sunshine at the end of the rate tunnel for homeowners. 🌟💼 Dont forget to follow CMP magazine for more updates on this! #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

Fun Family Activities in Vancouver This Weekend! 🎉

10/28/2023

Hey Vancouverites and visitors! Looking for some exciting family activities this weekend? Well, youre in luck because weve got the scoop on the best events in town! 🌆 Note: The information provided here is courtesy of ToDoCanada magazine. 1. Halloweekend on the River 👻 📍 Fraser River Discovery Centre, 788 Quayside Drive, New Westminster 📅 October 28, 2023 💲 Price: $3 - $15 Get ready to face the eerie creatures haunting the Fraser River basin at Halloweekend! Dare to explore the unknown beneath the surface in their spooky haunted house. Its a ghoulishly good time for the whole family! #Halloweekend #SpookyFun 2. Tim Burtons Nightmare Before Christmas in Concert 🎃 📍 Orpheum Theatre, 601 Smithe St, Vancouver 📅 October 27-28, 2023 💲 Price: $26.43 - $125 Join Jack Skellington on his quest to take over Christmas in this enchanting concert. Tim Burtons classic tale comes to life in a whole new way, perfect for families and fans of all ages! #NightmareBeforeChristmas 3. Cirque Du Soleils KOOZA 🎪 📍 Concord Pacific Place, 88 Pacific Boulevard, Vancouver 📅 October 21 - December 31, 2023 💲 Price: $55 up Prepare to be amazed by KOOZA, a mesmerizing blend of acrobatics and clowning. Its a show the kids will talk about for weeks! Grab your tickets and be ready to be wowed. #CirqueDuSoleil 4. American Crown Circus Circo Osorio 🌟 📍 Coquitlam Centre, 2929 Barnet Highway, Coquitlam 📅 October 19 - October 30, 2023 💲 Price: $10 - $25 This international showcase of talent will leave you spellbound. Acts from around the world come together to create a fantastic family experience you wont want to miss! #CircusFun 5. Harvest Days at VanDusen Botanical Garden 🍂 📍 VanDusen Botanical Garden, 5251 Oak, Vancouver 📅 October 7 - October 29, 2023 💲 Price: $6.15 - $12.30 Celebrate the beauty of fall with Harvest Days at VanDusen. The garden transforms into a seasonal wonderland, with plenty of activities for the kids. Its a lovely way to enjoy the autumn vibes. #HarvestDays 6. Fall Fun at Metropolis at Metrotown 🍁 📍 Metropolis at Metrotown, 4700 Kingsway, Burnaby 📅 September 23 - October 31, 2023 💲 Price: Free Experience the best of the season at Metropolis. This mall is more than just shopping; its a hub of fall festivities, perfect for the whole family. #FallFun 7. James Cameron CHALLENGING THE DEEP 🌊 📍 Science World, 1455 Quebec Street, Vancouver 📅 July 10, 2023 - January 1, 2024 💲 Price: $22.50 Dive into the depths with James Camerons CHALLENGING THE DEEP. This interactive exhibition is an educational adventure the kids will love. Discover the wonders of the deep sea! #ScienceWorld 8. Salmon Run in Metro Vancouver 🐟 📅 Ongoing from September to ... Dont forget to check out the mesmerizing salmon runs in Metro Vancouver! Its a unique wildlife experience that you wont find just anywhere. Get in touch with nature and witness these incredible creatures on their journey. #SalmonRun #Wildlife So, get ready to have a blast with your family this weekend in Vancouver. Whether youre into spooky adventures or cultural performances, theres something for everyone. Have a fantastic time! 🎃👪 #FamilyFunVancouver #WeekendAdventures #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

"Is The Bank Of Canada Done With Interest Rate Hikes?"

10/27/2023

Alrighty, folks! Weve got some fresh deets for you from an article in CMP Magazine dated October 26, 2023. This time, were diving into the intriguing world of the Bank of Canada and their interest rate antics. 💰🏦 So, whats the buzz? The Bank of Canada seems to be saying, Well, we might raise those interest rates again. 📈 But hold onto your hats, because this could actually be a good thing! Theyve kept their policy rate steady at 5.0% for two months running, but theyre not ruling out the possibility of future hikes. Now, heres the twist theyre feeling pretty positive about the job market. Theyve noticed that job vacancies and employment gains are slowing down a bit. This suggests theyre okay with leaving the rates as they are, unless something big goes down. 📉👍 Lets add some flavor to this financial mix with a dash of insight from Benjamin Tal, Deputy Chief Economist at the Canadian Imperial Bank of Commerce (CIBC). He thinks the Bank of Canada enjoys keeping us on our toes by using fancy lingo to keep us guessing. Its like a suspense movie in the world of finance. 🕵️♂️🍿 The Bank of Canada has been quite active lately, having given the interest rates a rollercoaster ride with ten hikes since March 2022. Thats a whopping 475 basis point increase in their benchmark rate. Its put a bit of a damper on economic activity but has relieved some of the price pressures. 🎢📉 Now, the big I word inflation. The Banks been keeping an eye on it, and its like that guest who wont leave the party. Theyve noticed their preferred measures of core inflation arent behaving as theyd like. Theyre still hoping to hit the 2% target by 2025, but next year could bring a surprise with an average of around 3.5% through the middle of the year. 😬💸 But the Bank isnt rushing into more interest rate hikes based on these numbers. Benjamin Tal believes theyre looking closely at the job market, and there are some promising signs. So, theyre practicing a little patience. 🙏💼 Now, whats cooking in the real estate world? When the Bank of Canada took a breather from the rate hikes earlier this year, it set the stage for a housing market revival. But this time, dont expect dj vu. 🏡💭 The Bank is also giving a nod to the surge in Canadas population, which has eased labor market pressures in some sectors and revved up consumption and housing demand. But the big question is whether these newcomers are stirring up inflation. Its a mixed bag they consume, but they also add to the workforce, which can ease wage pressures. 🤷♀️🏗️ In the grand finale, despite the Bank of Canadas mysterious stance on rate hikes, theres a glimmer of hope in their October statement. Theyre starting to admit that the economy is slowing down, and thats a positive sign. Its just a matter of time. ⌛🌟 Stay tuned for more updates on the Bank of Canadas financial adventures as they unfold. 📰🔍 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

10/26/2023

The Bank of Canada yesterday held its target for the overnight rate at 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand. The Bank projects global GDP growth of 2.9% this year, 2.3% in 2024 and 2.6% in 2025. While this global growth outlook is little changed from the July Monetary Policy Report (MPR), the composition has shifted, with the US economy proving stronger and economic activity in China weaker than expected. Growth in the euro area has slowed further. Inflation has been easing in most economies, as supply bottlenecks resolve and weaker demand relieves price pressures. However, with underlying inflation persisting, central banks continue to be vigilant. Oil prices are higher than was assumed in July, and the war in Israel and Gaza is a new source of geopolitical uncertainty. In Canada, there is growing evidence that past interest rate increases are dampening economic activity and relieving price pressures. Consumption has been subdued, with softer demand for housing, durable goods and many services. Weaker demand and higher borrowing costs are weighing on business investment. The surge in Canadas population is easing labour market pressures in some sectors while adding to housing demand and consumption. In the labour market, recent job gains have been below labour force growth and job vacancies have continued to ease. However, the labour market remains on the tight side and wage pressures persist. Overall, a range of indicators suggest that supply and demand in the economy are now approaching balance. After averaging 1% over the past year, economic growth is expected to continue to be weak for the next year before increasing in late 2024 and through 2025. The near-term weakness in growth reflects both the broadening impact of past increases in interest rates and slower foreign demand. The subsequent pickup is driven by household spending as well as stronger exports and business investment in response to improving foreign demand. Spending by governments contributes materially to growth over the forecast horizon. Overall, the Bank expects the Canadian economy to grow by 1.2% this year, 0.9% in 2024 and 2.5% in 2025. CPI inflation has been volatile in recent months2.8% in June, 4.0% in August, and 3.8% in September. Higher interest rates are moderating inflation in many goods that people buy on credit, and this is spreading to services. Food inflation is easing from very high rates. However, in addition to elevated mortgage interest costs, inflation in rent and other housing costs remains high. Near-term inflation expectations and corporate pricing behaviour are normalizing only gradually, and wages are still growing around 4% to 5%. The Banks preferred measures of core inflation show little downward momentum. In the Banks October projection, CPI inflation is expected to average about 3% through the middle of next year before gradually easing to 2% in 2025. Inflation returns to target about the same time as in the July projection, but the near-term path is higher because of energy prices and ongoing persistence in core inflation. With clearer signs that monetary policy is moderating spending and relieving price pressures, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Banks balance sheet. However, Governing Council is concerned that progress towards price stability is slow and inflationary risks have increased, and is prepared to raise the policy rate further if needed. Governing Council wants to see downward momentum in core inflation, and continues to be focused on the balance between demand and supply in the economy, inflation expectations, wage growth and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians. Information note The next scheduled date for announcing the overnight rate target is December 6, 2023. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on January 24, 2024. https://www.bankofcanada.ca/2023/10/fad-press-release-2023-10-25/

READ MORE

📈 Canadian Economy's Bumpy Ride: What to Expect in 2024 🇨🇦

10/26/2023

Hey there, folks! Its time to talk about the Great White Norths financial forecast. 🌨️ But dont worry; weve got you covered with all the latest scoop from an article in CMP magazine dated October 24, 2023. 💼 🌧️ Canadian Economy Skirting Recession 🌧️ According to recent polls by Bloomberg, Canada might just dodge a full-blown recession. Phew! 🙌 However, its not all sunshine and rainbows. The Bank of Canada is playing the ace card with record-high interest rates that could stunt economic growth, nearly down to zero. 📉 Not ideal, right? In fact, the GDP forecast looks gloomy with projections of it being as flat as a pancake in Q4 and only inching up to a 0.3% annualized pace by Q1 2024. 😬 This is a downgrade from the previous month and way below the population growth rate. 📈 Inflation Game Plan 📈 But hey, theres always a silver lining, or in this case, a loonie lining! The Bank of Canadas elevated interest rates are set to tackle inflation, expected to chill at 3.3% in Q1 2024 and later easing down to 2.1% in the latter half of the year. 🍁 🏦 Bank of Canadas Interest Rate Forecast 🏦 So, when can we expect the BoC to cut those rates? Economists are saying second quarter 2024, but its going to be a leisurely pace. The median prediction for the central banks benchmark policy rate is pegged at 4% by the end of next year, surpassing the previous consensus of 3.75%. 💰 💥 North American Central Banks to Follow Suit 💥 If youre thinking this is a Canada-exclusive issue, think again. Our neighbors in the North American central banks might also make their first cuts next year. Rates could still remain higher than pre-pandemic levels to keep a lid on inflation. 😓 🚀 End of an Era of Cheap Money? 🚀 RBC had an interesting point to share - they believe the era of dirt-cheap money might be coming to an end. That doesnt mean rates will stay as they are now; theyre viewed as restrictive by most central bankers. 🏦 📊 Stay Data-Dependent! 📊 With a sharp uptick in interest rates since early 2022, central banks are no longer playing catch-up. Any future rate changes will be highly dependent on the data. So, keep your eyes peeled for those financial indicators! 👀 Thats the lowdown on Canadas economic rollercoaster ride in 2024. Dont let it stress you out too much; well be here to keep you informed. Stay tuned for more updates and, as always, keep those financial smarts sharp! 💪💰 #CanadaEconomy #InterestRates #Inflation #CentralBanks #EconomicForecast #CMPMagazine #FinancialNews #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

Bank of Canada Keeps Rates Unchanged in October 2023 – What It Means for You! 😊

10/25/2023

Hey there, financial enthusiasts! 👋 Were back with the latest scoop on the Bank of Canadas rate decision, and its all about keeping things steady. 🇨🇦💰 Breaking News: October 25, 2023 - CMP Magazine The Bank of Canada just made its second-to-last scheduled rate announcement for the year, and the verdict is in: theyre keeping the policy interest rate unchanged at 5.0%. 📈❌ Whats the deal, you ask? Well, it seems like the folks at the central bank are playing it cautious in the face of signs that Canadas economic engine might be idling a bit. 🚗💨 In a nutshell, theyre holding the rates steady as inflation eases up and the economy chills out. 🧊❄️ In their statement, the Bank noted that theyre ready to pull the rate-raising trigger if needed, all because progress towards price stability is slow and inflationary risks have increased. 📊💲 The inflation rollercoaster took a sharp dip in September, surprising the markets at 3.8%. 🎢 Meanwhile, the GDP growth has also slowed down, giving everyone a hint that it might be time to catch their breath. 📉💨 But heres the kicker even though the Bank is sweating it out over inflation, their strategy seems to be doing the trick. With ten interest rate hikes and a whopping 475 basis points increase since March 2022, theyre feeling pretty good about taming inflation and keeping the economy cool. 🌡️❄️ Did You See It Coming? If you were keeping an eye on your crystal ball or the market gurus, this move probably didnt surprise you too much. 🧙🔮 The odds of an October rate hike went from 43% to a mere 13% following the latest inflation data. 📉📈 Housing Market Impact Now, whats this mean for our beloved housing market? 🏡 Well, not a whole lot. The Canadian housing scene has already felt the effects of the central banks rate hikes. Demand has been cooled off, and many potential buyers have taken a step back. High interest rates have been the name of the game. 💼🏦 According to RE/MAX Canada president, Christopher Alexander, this pause wont tip the scales in either direction. He says, Isnt going to sway activity one way or another. 🤷🏡 Whats Next? So, whats on the horizon? 🌅 The Bank of Canada still has one more trick up its sleeve for 2023. The final rate decision of the year will be unveiled on December 6, so mark your calendars! 🗓️ And there you have it, folks! A quick update on Canadas rate situation straight from CMP Magazines October 25, 2023 edition. 📰💼 #BankOfCanada #InterestRates #EconomicUpdate #HousingMarket #FinanceTalk #CMPMagazine #StayTuned #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🏡 Protecting Your Home and Family: Why Personal Term Life Insurance Beats Creditor Mortgage Insurance 💼

10/24/2023

Hey there, savvy homeowners of Vancouver, BC! 👋 For most of us, our home is our biggest investment, and ensuring its protected for our loved ones is a top priority. But when it comes to safeguarding your familys financial future, the choice between personal term life insurance and creditor mortgage insurance can be as tough as deciding between sushi or pizza on a Friday night! 🍣🍕 Lets break it down for you in simple terms: 1. The Beneficiary: With personal term life insurance, you decide who receives the payout - your family, your partner, whoever you want to protect. 🤗 Creditor mortgage insurance, on the other hand, names your lender as the sole beneficiary. Your loved ones wont see a cent until that mortgage is paid off. 😞 2. Medical Tests: Personal term life insurance may require a medical questionnaire and exam upfront. But heres the upside: because the underwriting happens before a claim is made, you can have confidence that your provider will pay out when its needed. Creditor mortgage insurance usually skips the medical exam but can deny your claim later if you have health issues because underwriting happens after the claim. 😷 3. Portability: Imagine the flexibility of personal term life insurance that stays with you even if you move or change lenders. 🌍 Creditor mortgage insurance is as loyal as your Wi-Fi signal, tied to your home and mortgage. Change homes or lenders, and your coverage vanishes like yesterdays Snapchat story. 🏠📱 4. Coverage: With personal term life insurance, your benefit remains steady throughout the term. 📈 Creditor mortgage insurance, on the other hand, decreases as your mortgage shrinks. So, while you keep paying the same premiums, the payout gets smaller over time. 📉 5. Flexibility: Personal term life insurance offers the ultimate flexibility. The payout can be used for anything your loved ones need, from funeral expenses to college tuition to helping your spouse live comfortably. 💐🎓💰 Creditor mortgage insurance? Nope, its strictly for paying off your mortgage and nothing else. 💸 6. Expertise: When you choose personal term life insurance, you often deal with licensed insurance advisors whove aced their exams and are certified experts. Creditor mortgage insurance is typically sold through financial institutions where the staff might not be experts in insurance. 🏦😬 7. Longevity: Creditor mortgage insurance bids farewell as soon as your mortgage is paid off or if you switch lenders. 😢 Personal term life insurance, on the other hand, can often be extended or converted into another policy when your term ends, ensuring you stay protected for the long haul. 🎉 8. Cost Savings: Heres an important point! You may actually pay less with personal term life insurance. The premiums for term life insurance can be more affordable than those for creditor mortgage insurance, making it a cost-effective choice! 💰💲 In a nutshell, while creditor mortgage insurance might seem convenient, it often falls short in terms of flexibility, choice of beneficiary, long-term protection, and cost-effectiveness. Personal term life insurance offers you control, adaptability, peace of mind, and the potential for lower premiums, making it the wiser choice to protect your home and your loved ones. 🏠❤️ Dont settle for a one-size-fits-all solution when it comes to your familys financial security. Choose personal term life insurance, and youll have the power to decide how your legacy is safeguarded. 💪💼 Ready to explore your options and get a personalized quote? Call me today, and lets discuss how personal term life insurance can be tailored to your unique needs and goals. Your familys financial security is just a phone call away! ☎️📞 #VancouverInsuranceBroker #NorthVancouverInsuranceBroker #WestVancouverInsuranceBroker #CoquitlamInsuranceBroker #BurnabyInsuranceBroker #PortMoodyInsuranceBroker #SurreyInsuranceBroker #LangleyInsuranceBroker #AbbotsfordInsuranceBroker #MissionInsuranceBroker #MapleRidgeInsuranceBroker #PittMeadowsInsuranceBroker #ChilliwackInsuranceBroker #KelownaInsuranceBroker #LifeInsurance

READ MORE

🏡 What's in Store for Canada's Mortgage and Housing Markets in 2024? 📆

10/23/2023

Hey there, homebuyers and real estate enthusiasts! Were diving into the crystal ball to peek into the future of Canadas mortgage and housing markets in 2024. The insights were about to share come from a panel of top lending executives, as reported in an October 20, 2023 article in CMP magazine. 📰 🌊 A Year of Turbulence and Optimism 🌞 The past year brought its share of turbulence, with climbing interest rates and cooler sales activity. But fear not! The experts are painting a picture of cautious optimism. 🔮 Marina Bournas, President, and CEO of RFA Mortgage Corporation, reminded us that the housing market has its ups and downs. She believes that 2024 might look quite similar to 2023, with hopes of more favorable interest rates in the latter part of the year. 💼 RFA Mortgage Corporation is gearing up for busier times by strengthening relationships and adding new talent to their team. 💪 💼 Yousry Bissada, CEO of Home Trust Company, shared a valuable insight. He pointed out that clarity on interest rates is what both buyers and sellers are eagerly waiting for. People need that sense of certainty before they jump back into the market. 🤝 🏠 A Subdued Market with Resilience 🌱 Jason Ellis, President, and CEO of First National Financial, is quite optimistic. He believes that while the market might remain subdued in 2024, theres little chance of a major downturn. Demand among Canadian homebuyers continues to persist, and the supply issue means there will always be buyers for houses. 🏡 🔄 Cycles and Rebounding 📈 Hassan Pirnia, Head of Home Financing and Personal Lending at BMO, echoed the sentiment of a cyclical market. He expects further moderation in prices and activity, but the housing sector is poised for a mild rebound. The prediction is a moderate housing slump with a recalibration in mid-to-late 2024 as interest rates start coming down. 🔄 In summary, while we may not see a dramatic turnaround, theres reason to stay optimistic about Canadas mortgage and housing markets in 2024. Its all part of the ebb and flow in this industry. And dont forget, opportunities are always there; you just need to be ready when they come knocking! What are your thoughts on the 2024 housing market? Are you optimistic too? Share your views in the comments below. 🗨️ #CanadaHousingMarket #RealEstate #MortgageTrends #Homebuyers #RealEstate2024 #EconomicOutlook #HousingMarketOptimism #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🎉 Exciting Festivals in Vancouver This Weekend! 🌟

10/21/2023

Hey, Vancouverites and festival enthusiasts, get ready for an action-packed weekend filled with fun, thrills, and entertainment! Weve gathered some exciting events happening in and around Vancouver, all thanks to the awesome folks at ToDoCanada magazine. 📰 Salmon Come Home 🐟 📅 Date: October 22, 2023 💰 Price: Free Kick off your weekend by celebrating the magic of salmon at the Hoy Creek Hatchery in Coquitlam. Take a stroll through the hatchery, witness adorable salmon fry, and immerse yourself in the beauty of nature. 🌿 Its the perfect family outing this Saturday! #SalmonComeHome #NatureLovers Vancouver Horror Show Film Festival (The VHS) 🎬 📅 Date: October 20-22, 2023 💰 Price: $20 up Horror movie buffs, this ones for you! The VHS is bringing spine-chilling feature films and short films from all over the world to Vancouver and Burnaby. Brace yourself for some hair-raising thrills, just in time for Halloween! 🍿👻 #VHS #HorrorMovies Celebrate the Night (Fireworks) 🎆 📅 Date: October 20, 2023 💰 Price: Free Looking for a family-friendly night out? Head to Memorial Peace Park in Maple Ridge for the Celebrate the Night Festival Fireworks. This free event will transform the park into a wonderland of lights, art, and storytelling. 🎨✨ #Fireworks #FamilyFun Jade Music Fest 🎵 📅 Date: October 18-20, 2023 💰 Price: Free Calling all music lovers! The Jade Music Fest is back, featuring international artists from Vancouver to Richmond. Get ready to groove to some fantastic tunes and enjoy the vibrant music scene! 🎶🕺 #JadeMusicFest #LiveMusic Vancouver Writers Fest 📚 📅 Date: October 16-22, 2023 💰 Price: Varies For the bookworms among us, the Vancouver Writers Fest is a literary paradise. Immerse yourself in exceptional books, ideas, and dialogue at various locations throughout Vancouver. Its a celebration of words and worldviews! 📖✍️ #WritersFest #BookLovers Vancouver Fall Food Festival 🍔 📅 Date: October 13 - November 12, 2023 💰 Price: Free Satisfy your taste buds with the Vancouver Fall Food Festival. Embark on a self-guided culinary adventure to savor the best autumn-inspired dishes and drinks across the city. Foodies, this ones for you! 🍽️🍁 #FoodFestival #Foodies Harrison Pumpkin Festival 🎃 📅 Date: September 29 - October 29, 2023 💰 Price: $15 Fall is in the air, and its time to embrace the cozy vibes at Onos Farms. The Harrison Pumpkin Festival offers a slice of autumn paradise with pumpkins galore. Mark your calendars and get ready for some pumpkin fun! 🍂🎃 #PumpkinFestival #FallVibes There you have it, folks! A fantastic lineup of festivals and events happening in and around Vancouver this weekend. Which one will you be attending? Let us know in the comments below. 📆✨ #VancouverFestivals #WeekendFun #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

"Luxury Housing Market: Resilience and Reflections on September 2023 💎"

10/20/2023

Hey there, fabulous folks! 🏡✨ Ready to dive into the world of luxurious homes and the trends that might just leave you house-hunting? Our insights are hot off the press from a CMP magazine article dated October 18, 2023. So, lets spill the tea on whats happening in the luxury housing market! 💰 Money Talks: Despite a bit of a September slump, the luxury housing market still flaunts its resilience. Sothebys International Realty Canadas head honcho, Don Kottick, tells us that the luxury real estate market had a somewhat slow start to the year but gained momentum in July and August, though it did taper off in September. 🏡 Single vs. Condo: In the third quarter, single-family homes took center stage, while the luxury condo market had a bit of a dip. This was true across many Canadian markets, except for Calgary, where the luxury housing market continued to sizzle. Their luxury condos saw a whopping 106% year-over-year sales increase in September! Talk about living the high life. 😎 🌆 City Spotlight: Vancouver saw a soaring 96% increase in July and August, but then stumbled with a 29% decrease in September. Meanwhile, Montreal had a decent 31% uptick in July and August but only a 4% increase in September. Markets may be unpredictable, but hey, thats what makes this world so exciting, right? 😉 🤝 Buyers Discernment: Buyers in the luxury housing market are now a bit more choosy. Theyre not just throwing their money around; they want a home that truly matches their lifestyle. Theyre on the hunt for homes that are worth every penny and are willing to negotiate. If a property doesnt fit the bill, theyre ready to strut away in search of the perfect match. 🕺 💼 Unpredictable Factors: While luxury housing remains a strong contender, its not invincible. Geopolitical activities and the rising cost of living can still ruffle its feathers. Predicting the future? Well, its about as predictable as the weather sometimes, says Kottick. ☔ 🔮 The Future Awaits: As for whats next, your guess is as good as ours. But one thing is for sure, the luxury housing market is here to stay, and its one thrilling rollercoaster ride! 🎢 So there you have it, friends, a peek into the glitzy and ever-evolving world of luxury real estate. Stay tuned for more updates on #LuxuryHousingTrends and #RealEstateResilience. 🏠💼📈💪 Feel free to share your thoughts and tag a friend whos dreaming of a luxurious new pad! 💬👫 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

CIBC's Tal: "We are very, very close to the end of monetary tightening" 🏡🍁

10/19/2023

Hello, financial enthusiasts! Today, were delving into some exciting insights from CIBCs Deputy Chief Economist, Benjamin Tal, in the October 17, 2023 edition of Canadian Mortgage Trends magazine. Lets explore what he has to say about the thrilling journey towards the end of monetary tightening. 🎢 📉 Monetary Tightening: Nearing the Finish Line According to Benjamin Tal, the burning question on everyones minds is not when the Bank of Canada will hike rates, but when theyll start cutting them. While many analysts have been predicting rate cuts in Canada and the U.S. since the beginning of 2023, the Bank of Canada has stayed put. They even hiked rates in June and July, leaving us all guessing about the next move! 😲 Tals prediction? Dont expect rate cuts until next summer. 🧐 Bank of Canadas Unique Approach Tal suggests that the Bank of Canadas strategy is a bit of a paradox. If it were guided by artificial intelligence, they might have paused their rate hikes at around 4.5%. But the Bank of Canada is steered by human bankers who have their own concerns and preferences. Whats more, the bank seems to be leaning towards raising rates even further, potentially risking a recession, rather than allowing inflation to stay above 2%. Pssst: Tals crystal ball suggests that the overnight target rate, currently at 5.00%, might eventually settle at around 3%. 🧙♂️ 🏠 Real Estates Resilience Great news for real estate enthusiasts! Despite higher interest rates, Canadians are still gung-ho about real estate. Demand remains strong, and housing supply is scarce. 🏡 This market is eager, waiting for certainty, says Tal. So, dont pack away those For Sale signs just yet! 💰 Consumer Buffers Fading Away Remember the extra savings Canadians stashed away during the pandemic? Well, theyre disappearing fast. People are resorting to credit cards and loans to bridge the gap. 😬 Plus, with mortgage renewals typically spanning only five years in Canada (unlike the 30-year deals in the U.S.), the Bank of Canada wields significant influence in our financial lives. 💳 Mortgage Interest Costs Inflation Heres an interesting twist: Mortgage interest payments are now a significant factor in the consumer price indexs calculation of inflation. Thanks to rate hikes, theyve surged by about 30% year-over-year! 📈 But Benjamin Tal believes theyre not stoking inflation; theyre actually doing the opposite. Removing them from the inflation calculations leaves Canadas inflation rate right at the Bank of Canadas 2% target. 🔮 The Light at the End of the Tunnel Tal wraps things up on a hopeful note. Regardless of whats coming next (whether its one last hike or a rate cut), he believes were getting super close to the end of the current rate-hike cycle. So, hang in there, folks! 🌟 ✅ Conclusion And there you have it, folks! Were on the edge of our seats, eagerly awaiting the Bank of Canadas next step in this fascinating journey of monetary tightening. Will rates be cut, or will the status quo persist? Stay tuned for more updates as we navigate this intriguing financial landscape. 💰🌆 #EconomicForecast #CIBCInsights #MonetaryPolicy #BankOfCanada And as always, remember to consult a financial advisor before making significant financial decisions. 😉🏡🍁 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

The Latest on CREA's Home Sales Forecast for 2023

10/18/2023

Hey, homeowners and real estate enthusiasts! Weve got the inside scoop for you fresh from CREA. As of October 16, 2023, the Canadian housing market is going through some twists and turns. 🏠💨 Whats Happening? CREA just updated its predictions for home sales and prices in 2023. Buckle up, because its not all sunshine and rainbows. 🌦️ With new listings failing to spark a sales bonanza and interest rates keeping the economy in check, CREA now anticipates that 449,614 residential properties will change hands by the end of 2023, marking a 9.8% drop from last year. 😮 This gloomy forecast is largely due to lower-than-expected sales in Ontario and British Columbia. Turns out, the national housing market had a spring fling but then decided to chill out, especially after the Bank of Canada raised interest rates in June and July. 💔💰 Market Trends As the seasons changed, new listings followed the usual rollercoaster, peaking in spring, tapering off in summer, and making a comeback in the fall. But, the plot twist is that sales didnt quite catch up, with the national sales-to-new listings ratio dropping from 70% to 50% in just five months. This slowdown in sales affected the forecast for the rest of 2023 and into 2024. 😵📊 Price Predictions Now, whats cooking in the Canadian real estate price kitchen? 🍳🏡 CREA is forecasting a 4.8% price gain for homes in Alberta in 2024, outperforming the rest of Canada. Meanwhile, Ontario is expected to see a more modest 0.2% increase. For the other provinces, price growth should hover in the 1% to 2.5% range. But heres the twist: the national average home price is expected to take a little dip, dropping by 3.3% in 2023 to $680,686. This is due to the impact of lower sales in Ontario and British Columbia, the luxury champs of Canadian real estate. 🏆💰 The good news is that by 2024, the national average home price is predicted to regain its groove, bouncing back up by 1.5% to reach $690,916. That would make it a solid four years of average prices hovering between the $680,000-$700,000 range. 📈🎉 Looking Ahead So, what does the future hold for Canadian home sales? Well, CREA suggests that we can expect a 9% surge in 2024, with 490,257 units sold, as interest rates start to mellow out and housing markets get back to their usual groove. Its like getting back to the good old days before the pandemic hit. But, and heres the kicker, these forecasts are as fickle as the weather. They might change depending on the economic rollercoaster and the Bank of Canadas next moves regarding interest rates. 🎢💸 So there you have it, folks! The housing market in Canada is like a rollercoaster, full of twists, turns, and surprises. Well be keeping our eyes peeled for whats next, and in the meantime, keep saving for that dream home. 🏰💸 #RealEstateNews #CanadianHousing #HomeSalesForecast #CREAUpdate #HousingMarketTrends #BankofCanada #InterestRates #RealEstatePricePredictions #EconomicOutlook #CMPCMagazine #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

📢 OSFI Alters Regulatory Proposals in Response to Stakeholder Feedback 🏡

10/17/2023

In a recent development from Canadian Mortgage Trends magazine on October 16, 2023, the Office of the Superintendent of Financial Institutions (OSFI) has made significant adjustments to its proposed mortgage regulations. These changes have come about in response to substantial feedback from stakeholders and industry experts, and they warrant a closer examination for those interested in the Canadian housing market. 🏘️ The Background 📜 OSFI introduced these proposed regulations roughly nine months ago to address concerns about escalating household debt in Canada. These regulations encompassed restrictions on loan-to-income (LTI) and debt-to-income (DTI) ratios, debt service coverage restrictions, and a more intricate interest rate affordability stress test. 💰📊 Revised Proposals 🔄 OSFI has decided not to proceed with the DTI restrictions, although they are keeping LTI restrictions under consideration. The DTI limitations would have placed constraints on borrowers ability to access mortgages, based on their income. This decision reflects the concerns expressed by stakeholders, particularly smaller financial institutions with unique business models. They argued that these regulations might not effectively address the root causes of the nations mounting household debt. 🚫💼 The Rationale 🤔 The feedback received from stakeholders was instrumental in OSFIs decision-making process. Smaller lenders pointed out that these proposed regulations would disrupt their business models and might not provide an effective solution to Canadas household debt concerns. However, OSFI maintains its commitment to addressing these issues through alternative means, including enhancing income verification processes and tackling housing supply challenges. 🗣️🏢 The Road Ahead 🛣️ OSFIs approach moving forward will involve a step-by-step implementation of these changes, with a focus on debt service coverage as the primary priority. Adjustments to the Minimum Qualifying Rate (MQR) and potential limitations on loan-to-income (LTI) ratios remain on the table but are considered as last-resort options. 📈💡 The Bigger Picture 🌍 In conclusion, OSFI recognizes the need to address housing affordability issues in Canada. However, it acknowledges that its imperative to carefully consider the implications of proposed regulations to ensure they genuinely address the root problems. OSFI also concurs with industry experts that a comprehensive solution must involve a focus on increasing housing supply to stabilize the Canadian housing market. 🏡🌆🇨🇦 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🏡 Protecting Your Home and Family: Why Personal Term Life Insurance Beats Creditor Mortgage Insurance 💼

10/16/2023

Hey there, savvy homeowners of Vancouver, BC! 👋 For most of us, our home is our biggest investment, and ensuring its protected for our loved ones is a top priority. But when it comes to safeguarding your familys financial future, the choice between personal term life insurance and creditor mortgage insurance can be as tough as deciding between sushi or pizza on a Friday night! 🍣🍕 Lets break it down for you in simple terms: 1. The Beneficiary: With personal term life insurance, you decide who receives the payout - your family, your partner, whoever you want to protect. 🤗 Creditor mortgage insurance, on the other hand, names your lender as the sole beneficiary. Your loved ones wont see a cent until that mortgage is paid off. 😞 2. Medical Tests: Personal term life insurance may require a medical questionnaire and exam upfront. But heres the upside: because the underwriting happens before a claim is made, you can have confidence that your provider will pay out when its needed. Creditor mortgage insurance usually skips the medical exam but can deny your claim later if you have health issues because underwriting happens after the claim. 😷 3. Portability: Imagine the flexibility of personal term life insurance that stays with you even if you move or change lenders. 🌍 Creditor mortgage insurance is as loyal as your Wi-Fi signal, tied to your home and mortgage. Change homes or lenders, and your coverage vanishes like yesterdays Snapchat story. 🏠📱 4. Coverage: With personal term life insurance, your benefit remains steady throughout the term. 📈 Creditor mortgage insurance, on the other hand, decreases as your mortgage shrinks. So, while you keep paying the same premiums, the payout gets smaller over time. 📉 5. Flexibility: Personal term life insurance offers the ultimate flexibility. The payout can be used for anything your loved ones need, from funeral expenses to college tuition to helping your spouse live comfortably. 💐🎓💰 Creditor mortgage insurance? Nope, its strictly for paying off your mortgage and nothing else. 💸 6. Expertise: When you choose personal term life insurance, you often deal with licensed insurance advisors whove aced their exams and are certified experts. Creditor mortgage insurance is typically sold through financial institutions where the staff might not be experts in insurance. 🏦😬 7. Longevity: Creditor mortgage insurance bids farewell as soon as your mortgage is paid off or if you switch lenders. 😢 Personal term life insurance, on the other hand, can often be extended or converted into another policy when your term ends, ensuring you stay protected for the long haul. 🎉 8. Cost Savings: Heres an important point! You may actually pay less with personal term life insurance. The premiums for term life insurance can be more affordable than those for creditor mortgage insurance, making it a cost-effective choice! 💰💲 In a nutshell, while creditor mortgage insurance might seem convenient, it often falls short in terms of flexibility, choice of beneficiary, long-term protection, and cost-effectiveness. Personal term life insurance offers you control, adaptability, peace of mind, and the potential for lower premiums, making it the wiser choice to protect your home and your loved ones. 🏠❤️ Dont settle for a one-size-fits-all solution when it comes to your familys financial security. Choose personal term life insurance, and youll have the power to decide how your legacy is safeguarded. 💪💼 Ready to explore your options and get a personalized quote? Call me today, and lets discuss how personal term life insurance can be tailored to your unique needs and goals. Your familys financial security is just a phone call away! ☎️📞 #VancouverInsuranceBroker #NorthVancouverInsuranceBroker #WestVancouverInsuranceBroker #CoquitlamInsuranceBroker #BurnabyInsuranceBroker #PortMoodyInsuranceBroker #SurreyInsuranceBroker #LangleyInsuranceBroker #AbbotsfordInsuranceBroker #MissionInsuranceBroker #MapleRidgeInsuranceBroker #PittMeadowsInsuranceBroker #ChilliwackInsuranceBroker #KelownaInsuranceBroker #LifeInsurance

READ MORE

🎤🎸 Rocktober in Vancouver: A Must-See Concert Lineup! 🎶🤘

10/14/2023

Hey there music lovers, weve got an exciting lineup of concerts in Vancouver for you to mark in your calendar this October! 🗓️ From classic rock to indie vibes, theres something for everyone. So, put on your dancing shoes and get ready to groove. Heres a peek at whats in store! 🕺💃 🤠 Canuck Country Rocks - October 12, 2023 🇨🇦 📍 Where: Commodore Ballroom, 868 Granville St., Vancouver 🎟️ Price: $49+fees What: Get ready for a boot-scootin good time at Canuck Country Rocks, a country event that supports The Rick Hansen Foundation. Hosted by the Vancouver Canucks Alumni, this ones a hootenanny you wont want to miss! 🤠🎸 🎻🎼 Bruch, Tchaikovsky Shostakovich - October 13-14, 2023 🎻 📍 Where: Orpheum, 601 Smithe St, Vancouver 🎟️ Price: $26.43 - $125.00 What: Enjoy a night of classical elegance with Maestra Anna Rakitina and Korean-American superstar Sarah Chang as they enchant you with Bruchs beloved First Violin Concerto. 🎶🎻 🎤 Sammy Rae The Friends - October 13, 2023 🎶 📍 Where: Commodore Ballroom, 868 Granville St., Vancouver 🎟️ Price: $35+fees What: Sammy Rae The Friends bring their family of dreamers and artists to the stage. Let their soulful tunes and catchy beats sweep you off your feet! 🎤💫 🌟 Joji - October 13, 2023 🎤 📍 Where: Rogers Arena, 800 Griffiths Way, Vancouver 🎟️ Price: $45 - $155+fees What: Get ready for the Pandemonium - Fall North American Tour with Joji, and special guests Kenny Beats, SavageRealm, and Lil Toe. Its going to be lit! 🔥🎵 🎸 Ann Wilson of Heart Tripsitter - October 13, 2023 ❤️ 📍 Where: Hard Rock Casino Vancouver, 2080 United Blvd, Coquitlam 🎟️ Price: $59.50 - $99.50+fees What: Rock out with Ann Wilson, the legendary lead singer of Heart. Youre in for a night of timeless classics and epic vibes! 🎤🎸 🇨🇴 Aterciopelados - October 13, 2023 🌞 📍 Where: The Centre in Vancouver, 777 Homer St., Vancouver 🎟️ Price: $34 - $160+fees What: Experience the fusion of rock and Colombian vibes with Aterciopelados, led by Andrea Echeverri and Hctor Buitrago. Its the El dorado Tour! 🎸🎉 🎧 Omnom - October 13, 2023 🎶 📍 Where: Celebrities, 1022 Davie Street, Vancouver 🎟️ Price: Free before 11 pm What: Dance the night away as DJ/Producer OMNOM brings his unconventional house beats to Vancouvers Stereotype Fridays. Its going to be a wild night! 🕺🌃 🎶 Stavroz - October 13, 2023 🎹 📍 Where: Village Studios, 1024 Davie Street, Vancouver 🎟️ Price: $27.21 What: Immerse yourself in the acoustic, organic, and cinematic electronic music of Stavroz. Get ready to groove to their unique sound! 🎵🌌 🎤 KennyHoopla RAISED BY WOLVES Tour - October 14, 2023 🎸 📍 Where: Fortune Sound Club, 147 East Pender Street, Vancouver 🎟️ Price: $35.72 - $97.56 What: Get ready for a genre-blending performance by KennyHoopla, merging alternative, hip-hop, rock, indie, and pop. This show will blow your mind! 🎤🤟 🎻 Moontricks - October 14, 2023 🌙 📍 Where: Commodore Ballroom, 868 Granville St., Vancouver 🎟️ Price: $25 - $40+fees What: The nationally renowned electro-folk duo Moontricks is here to captivate you with their rustic Kootenay mountain-inspired tunes. You wont be able to resist dancing! 🎻🌄 🎩 Black Veil Brides VV: TOUR 2023 - October 14, 2023 🖤 📍 Where: UBC - Doug Mitchell Thunderbird Sports Centre, 6066 Thunderbird Boulevard, Vancouver 🎟️ Price: $45 - $65+fees What: Black Veil Brides and VV (VILLE VALO) are co-headlining a dark and romantic tour. Get ready for a night of pure rock energy! 🎸🌒 🕶️ ZZ Top - October 14, 2023 🕶️ 📍 Where: Abbotsford Centre, 33800 King Rd, Abbotsford 🎟️ Price: $69.50 - $109.50+fees What: Rock legends ZZ Top are bringing their bluesy boogie to Abbotsford. Its going to be a legendary night of music! 🎵🎩 🎧 Sultan + Shepard - October 14, 2023 🎵 📍 Where: Village Studios, 1024 Davie Street, Vancouver 🎟️ Price: Electronic Music Duo Sultan + Shepard What: Get ready for a night of electronic dance music as Sultan + Shepard take over Village Studios. Its going to be an epic dance party! 💃🎶 🎤 Deathpact - October 14, 2023 ☠️ 📍 Where: Commodore Ballroom, 868 Granville St., Vancouver 🎟️ Price: $30 - $35+fees What: Join the hardcore punk vibes of Deathpact in a night of intense energy and raw passion. 🤘🤟 🎹 Jean-Slim Abdelmoula - October 15, 2023 🎶 📍 Where: Vancouver Playhouse, 600 Hamilton St, Vancouver 🎟️ Price: $28 to $63 What: Experience the musical genius of Jean-Slim Abdelmoula, a pianist and composer, in a night of exquisite melodies and soulful tunes. 🎵🎹 🎻🎹 Domagoj Ivanovic, violin Noel McRobbie, piano - October 15, 2023 🎵 📍 Where: Rose Gellert Hall, 4899 207 Street, Langley 🎟️ Price: $10 to $25 What: Join violinist Domagoj Ivanovic and pianist Noel McRobbie for a night of classical brilliance and musical mastery. 🎻🎹 🎻🎼 Bruch, Tchaikovsky Shostakovich - October 15, 2023 🎶 📍 Where: Bell Performing Arts Centre, 6250 144th Street, Surrey 🎟️ Price: $38.33 - $43.09 What: Maestra Anna Rakitina returns with Korean-American superstar Sarah Chang to dazzle you with their classical magic. Get ready to be swept off your feet! 🎻🌟 🎶 Kerala Dust - October 15, 2023 🎵 📍 Where: Fortune Sound Club, 147 East Pender Street, Vancouver 🎟️ Price: $33.36 What: Kerala Dust brings a unique blend of blues, americana, and electronic beats to Vancouver. Its going to be a night of musical exploration! 🎶🎸 🎤 Tirzah - October 15, 2023 🎤 📍 Where: The Cobalt, 917 Main Street, Vancouver 🎟️ Price: $25 up+fees What: Dont miss the captivating sounds of Tirzah as she takes you on a musical journey thats both soulful and entrancing. 🎶🌌 🇨🇦 Noah Reid - October 15, 2023 🎸 📍 Where: Commodore Ballroom, 868 Granville St., Vancouver 🎟️ Price: $45+fees What: Canadian actor and musician Noah Reid, known for Schitts Creek, is here to serenade you with his beautiful tunes. Its a night of heartfelt music! 🎤🍁 🌍 Mneskin - RUSH! World Tour - October 15, 2023 🌍 📍 Where: UBC - Doug Mitchell Thunderbird Sports Centre, 6066 Thunderbird Boulevard, Vancouver 🎟️ Price: $20 - $169.50+fees What: Mneskin, the Italian rock sensation, is bringing their electrifying show to Vancouver. Get ready for a night of pure rock energy! 🎤🇮🇹 🤘 Thats a wrap, folks! 🤘 Remember, this amazing concert lineup is brought to you by ToDoCanada magazine. So, grab your tickets and let the music move you. 🎵🤩 🎵🤟 #VancouverConcerts #Rocktober #MusicLoversUnite #LiveMusic #ToDoCanada #VancouverEvents 🎤🎸 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

CMHC Housing Supply Report

10/13/2023

HIGHLIGHTS Total housing starts across the countrys 6 largest census metropolitan areas (CMAs) increased slightly in the first half of 2023. Significant changes were observed for individual dwelling types and CMAs. Notable strength in apartment starts offset declines in all other dwelling types (single-detached, semi-detached and row homes). Apartment starts were concentrated in Toronto and Vancouver. This led to strong growth in total starts in those CMAs, offsetting lower starts in other CMAs, particularly Montral. As a result, in Toronto and Vancouver, housing starts in the first half of 2023 were well above levels observed over the past 5 years. In most other large centres, meanwhile, they were below these levels. Montral tends to build more small and low-rise apartment structures than Toronto and Vancouver. Because of their smaller size, these structures take less time to plan and build. The decline in housing starts in Montral was, therefore, more reflective of the recent deterioration in financial conditions. Elevated rates of apartment construction are not likely to be sustainable due to various challenges facing developers. These challenges include higher construction costs and higher interest rates. Significant increases in construction productivity are critical to addressing the countrys affordability and housing supply crisis over the longer term. The level of new construction activity remains too low. cmhc-schl.gc.ca

READ MORE

📈 Exploring Central Banks' Rate Cut Prospects for 2024 🌐🏦

10/13/2023

Greetings, curious minds! As of October 12, 2023, weve got some fresh insights into the future of central bank interest rates. 📆💼 Revised Expectations: Are Rate Cuts on the Horizon for 2024? In the world of finance, its been quite the rollercoaster ride this year. Initial predictions of widespread rate cuts have been recalibrated, and now, North American central banks are contemplating a shift towards interest rate reductions by 2024. 🇺🇸🇨🇦 Dont rush to conclusions just yet; lets break it down. According to a recent report from the Royal Bank of Canada (RBC), while rate cut expectations have been adjusted, it doesnt necessarily mean were reverting to the ultra-low interest rate era that predated the pandemic. RBC suggests that an era of remarkably cheap money may be drawing to a close, with central banks possibly maintaining interest rates at slightly higher levels than what weve been accustomed to in the last decade to manage inflation. In simpler terms, rates wont be as low as they are now, but they wont soar to the skies either. 📉💰 Heres the twist: financial markets are indicating fewer expected rate cuts beyond 2024, signaling a belief that interest rates will remain elevated for the foreseeable future. 🚀📈 And heres the intriguing part: the substantial increase in interest rates since early 2022 means that central banks are no longer scrambling to catch up. Future interest rate maneuvers are now highly reliant on incoming data, making it all about data-driven decision-making in the short term. 📊📈 Delving into specifics, the Bank of Canada (BoC) recently opted to maintain its benchmark lending rate at 5%, and RBC suggests that this decision is a response to a slowdown in economic growth and a somewhat sluggish job market. These economic trends are expected to persist for some time. 🌱🧐 Intriguingly, Canada is still grappling with inflationary pressures, but RBC predicts that a milder economic environment will help dampen these pressures. This means the BoC may be in a holding pattern for the rest of 2023. 🔥🌡️ However, its essential to note that the BoCs preferred core measures are still showing a substantial annualized rate of 4.5% over the last three months, well above the central banks 2% inflation target. 🎯📊 To sum it all up, its not a sprint to the bottom with interest rates anymore, but they wont reach stratospheric heights either. Keep a close watch for updates, and lets see what 2024 has in store! 💼🌟 And remember, this insightful information is fresh from the pages of CMP magazine, dated October 12, 2023. 📰🔍 #InterestRates2024 #CentralBankForecast #EconomicOutlook #RBCInsights #BoC #FinanceUpdate #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

Home Listings Surge and Buyer Demand Cools in Canada's Largest Markets

10/12/2023

Hey there, folks! Weve got the latest scoop on whats happening in the Great White Norths real estate market. 🇨🇦 Whether youre a potential buyer, a curious homeowner, or just someone who loves a good story, this ones for you! It seems like the winds of change are blowing through the Canadian real estate scene. According to an October 10, 2023 article in Canadian Mortgage Trends magazine, weve got some exciting developments to chat about. So, grab your favorite beverage and join us as we break it all down. ☕ 🏠 Toronto and Vancouver: A Buyers Market? Yep, you read that right! The real estate landscape in the Greater Vancouver and Toronto areas is shifting, and its creating a buyers market. New listings in the GTA soared by a whopping 44% in September, reaching a total of 16,258 properties. And if youre into downtown condos, well, theyre on fire with a 50% increase in listings compared to last year. 🌆 Other cities like Vancouver (+28%), Calgary (+21%), and Ottawa (+10%) are also seeing an increase in listings, though not as dramatic. 🤔 Whats Driving this Shift? Well, it seems like sellers are making a comeback in the housing market. Why? The rising interest rates are likely nudging more homeowners to put their properties up for sale. This shift has pushed the sales-to-new listings ratio to levels reminiscent of the 2008 Financial Crisis. Analyst Ben Rabidoux suggests that this market is leaning heavily towards buyers, with potential significant price drops on the horizon. 📉 Price Trends and What to Expect The market dynamics suggest that we might see more inventory and lower prices in the coming months, especially if interest rates remain high. RBCs Robert Hogue predicts that significant market acceleration wont happen until interest rates come down in 2024. 🏡 Regional Roundup Heres a quick snapshot of some of Canadas largest regional real estate markets: Greater Toronto Area (GTA) Sales: 4,642 (-7.1%) Benchmark Price (all housing types): $1,119,428 (+3%) New Listings: 16,258 (+44.1%) Greater Vancouver Area Sales: 1,926 (+13.2%) Benchmark Price (all housing types): $1,203,300 (+4.4%) New Listings: 5,446 (+28.4%) Montreal Census Metropolitan Area Sales: 2,738 (+9%) Median Price (Single-family detached): $549,000 (+3%) Median Price (Condo): $402,000 (+6%) New Listings: 5,872 (+2%) Calgary Sales: 2,441 (+29%) Benchmark Price (all housing types): $570,300 (+8.7%) New Listings: 3,191 (+21.6%) Ottawa Sales: 946 (No change) Average Price (Residential Property): $675,412 (+2.7%) Average Price (Condominium): $425,968 (+1%) New Listings: 2,259 (+9.8%) 🔍 Whats Next? Keep your eyes peeled, folks! The trend of growing inventory and falling prices might continue as long as those interest rates stay high. High interest rates, affordability concerns, and a looming recession are expected to be major hurdles. So, there you have it a sneak peek into Canadas evolving real estate landscape. Keep following the hashtag #CanadianHousingTrends for more updates and insights. And remember, if youre considering a move, now might be the perfect time to start house hunting! 🏠📉 #RealEstateMarket #HomeSweetHome #CanadaHousingUpdate Stay tuned for more exciting updates, and dont forget to share this post with your fellow house hunters and real estate enthusiasts! 🏡📰🏡🍁 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

"Strong Canadian Job Market Puts Pressure on Bank of Canada: What You Need to Know! 📈💼"

10/11/2023

Hey there, savvy readers! Weve got some hot-off-the-press news to share with you today. According to a recent article in CMP magazine dated October 9, 2023, the Canadian job market is flexing some serious muscle. 🇨🇦💪 So, whats the buzz all about? Well, it seems like the Bank of Canada (BoC) might have a lot to think about as they gear up for their next policy rate announcement. 🏦📊 In September, the Canadian economy welcomed a whopping 64,000 new jobs, way more than the experts had predicted (they were thinking around 20,000). 📈🙌 But thats not all; the unemployment rate stayed steady at 5.5%, and heres the kickerhourly wages shot up by a dazzling 5.3% compared to the previous year! 📈💰 Dawn Desjardins, the chief economist at Deloitte Canada, is totally on board with the idea that this robust labor market could seriously influence the BoCs next moves. She believes that if the economy continues to respond positively to these higher interest rates, the BoC might decide to keep those rates up. 📉🏦 But theres another twist in the story. While stronger wage growth is undoubtedly good news for Canadians trying to keep up with the rising cost of living, it could throw a curveball to central banks trying to tame inflation in the long run. 📈🤑 Tiffany Wilding, the managing director and North American economist at PIMCO, notes that wages are looking incredibly sticky. In plain terms, that means theyre not budging easily. While the BoC might be close to wrapping up its rate hikes, theres still a chance we could see one more in October. 🤷♀️💼 Now, not everyone is convinced that the full impact of these rate hikes has hit the Canadian economy just yet. Earl Davis, the head of fixed income and money markets at BMO Global Asset Management, thinks its all about timing. He believes there wont be any more hikes in 2024, primarily because theyre keeping a close eye on employment numbers, not just economic growth. If unemployment starts to rise, thats when they might consider easing up on those rates. 📊🤔 So, there you have it, folks! A strong labor market can be a game-changer, and its keeping the Bank of Canada on its toes. Well be keeping our eyes peeled for updates as this story unfolds. Stay tuned! 👀📰 #CanadaJobs #BankofCanada #EconomicNews #LaborMarket #Inflation #FinanceUpdate #CMPMagazine #EconomyTalk #StayInformed 📊💼🇨🇦 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🏡 Canadian Housing Market Update: Construction Slowdown and Its Impact on Homebuyers 🏗️

10/10/2023

Hey there, trendsetters! 🌟 Ready for the latest scoop on the Canadian housing market? Weve got the lowdown on whats happening with home construction, straight from an October 5, 2023 article in Canadian Mortgage Trends magazine. 📰 Construction Blues 🏠 In the first half of 2023, the Canadian housing market witnessed a 25% drop in the construction of new single-detached houses compared to last year. Thats a significant slowdown, folks! According to the Canada Mortgage and Housing Corporation (CMHC), this translated to 9,523 fewer single-detached units being built in the countrys six largest Census Metropolitan Areas (CMAs). 📉 Whats causing this construction slump, you ask? Well, high interest rates, limited access to credit, and skyrocketing construction and labor costs have made life tough for homebuilders all over Canada. 🏗️ Fewer projects are getting off the ground, and those that do are taking longer to complete, with construction timelines up by 0.9 months. The City Factor 🌆 Toronto and Vancouver, being the behemoths they are, accounted for nearly two-thirds of housing starts in these six metro areas. However, its essential to note that larger buildings in these cities require more preparation time, which means the numbers you see today are a result of favorable conditions that existed when these projects were initially planned. Variations Galore 🌎 The pace of new construction varied across different cities. While Vancouver, Toronto, and Calgary were experiencing growth above the levels of the past five years, Montreal, Edmonton, and Ottawa saw housing starts on the decline. Montreal, in particular, had a whopping 58% year-over-year decrease in housing starts in the first half of 2023. On the flip side, Vancouver and Toronto saw increases of 49% and 32%, respectively. CMHC attributes Montreals decline to shorter construction periods due to a higher proportion of low-rise and smaller structures. In Toronto, the more extended planning and construction time for apartment projects meant that many of these projects were financed during the more favorable conditions of 2022. CMHCs Outlook 🧐 So, whats the outlook for the Canadian housing market? CMHC predicts that economic challenges, like high interest rates, will slow down apartment starts in Toronto and Vancouver by the second half of the year. However, they expect things to return to 2022 levels eventually. With soaring home prices and interest rates, along with record-high immigration levels, rental demand remains strong. But guess what? The demand for rental housing is expected to surpass the available supply of purpose-built rentals. To sum it up, folks, while some cities are booming, the overall construction activity still isnt enough to tackle Canadas affordability and housing supply crisis in the long run. We need some serious boosts in the construction industrys productivity to address this challenge. #CanadianHousingMarket #RealEstateNews #ConstructionSlowdown #CMHCInsights #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🏗️ Kelowna's Building Boom: Breaking Records and Shaping Skylines! 🌆

10/9/2023

Hey there, urban enthusiasts and construction buffs! Weve got some exciting news from the heart of beautiful British Columbia, and its all about Kelownas skyrocketing building permits! 🏙️ Breaking Records in Style 💥 According to a recent article in InfoNews magazine (October 7, 2023), Kelowna is on the verge of smashing its own building permit record. Hold on to your hard hats, folks, because were talking about a staggering $1.5 billion in permits issued this year! 🤯 Climbing the Ranks 📈 This building frenzy is propelling Kelowna to new heights. Despite being BCs seventh-largest city, its poised to become the fourth busiest in terms of permits issued. Talk about punching above your weight class! 💪 Closing in on the Milestone 📆 As of the end of September, Kelowna was just a stones throw away from the magical $1.5 billion mark. And with another $28.5 million in permits issued in October, theyre inching closer, leaving them a mere $6.5 million short of reaching the milestone. 🏗️💰 UBCOs Tower Power 🏢 A significant boost to this years record came from a whopping $262 million permit issued in August for the UBC Okanagan 43-storey tower downtown. Higher education meets city development! 📚 Race Against the Clock ⏰ Developers in Kelowna were on a sprint to the finish line due to a deadline of October 3 for increases in development cost charges. They had one year to submit their permit applications and lock in the old rates. This led to a rush, with over $280 million worth of permits being issued in just three days from September 27 to 29! 🏃♂️💨 Whats in the Mix 🏗️🏡 The permits include two worth $118 million for the Water Street by the Park towers, around $77 million for Mission Group projects, and a cool $70 million for the new Kelowna airport terminal expansion. And lets not forget the $14.7 million permit for a Pridham Avenue project. Its all happening! 🏨🏢🏗️ Kelownas Rising Star 🌟 By the end of July this year, Kelowna had already climbed up to the fourth spot for permit values in the province, leaving cities like Coquitlam in the dust. Vancouver, Burnaby, and Surrey still hold the top spots, but Kelownas on a mission to make its mark! 🥇🥈🥉 Building Dreams and Deadlines 📅 Now, heres the deal. Just because all these permits are issued doesnt mean buildings will magically appear overnight. These permits are good for six months, and they can be renewed for another six. After a year, if no groundbreaking happens, the higher development cost charges come into play. Times ticking! ⏳💸 So, there you have it, folks! Kelowna is making waves in the world of construction, and its a sight to behold. Keep your eyes on the skyline because this city is on the rise! 🌆✨ #KelownaBuildingBoom #RecordBreakingPermits #CityOnTheRise #ConstructionFrenzy #BCDevelopment #InfoNewsMagazine #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🍂 Fall Fun in Vancouver: Your Guide to Family Activities 🎃

10/7/2023

Hey there, Vancouver families! 🌆 Looking for some fantastic fall activities to enjoy with your loved ones? ToDoCanada magazine has got you covered with a list of exciting events happening in October 2023. From pumpkin patches to spooky festivals, weve got it all! 🍁 1. Cranberry Festival 🍒 📅 Date: October 7, 2023 📍 Location: Fort Langley National Historic Site 💲 Price: Free Get ready for some cran-tastic fun! 🎃 Explore the fascinating world of cranberries, judge scarecrow creations, and enjoy a day of family-friendly activities. 🎨 2. Harvest Days at VanDusen Botanical Garden 🍂 📅 Dates: October 7 to October 29, 2023 📍 Location: VanDusen Botanical Garden 💲 Price: $6.15 to $12.30 Celebrate the beauty of fall with Harvest Days at VanDusen Botanical Garden. The veggie garden and maze area will be transformed into a wonderland for the whole family! 🌻 3. Monster Jam 🚗 📅 Dates: October 6 to October 8, 2023 📍 Location: Pacific Coliseum 💲 Price: $28 - $95 +fees Get ready for high-octane action with Monster Jam! 🏁 Watch world-class athletes in intense competitions of speed and skill thatll leave you on the edge of your seat. 🏎️ 4. Pumpkins After Dark 🎃 📅 Dates: October 6 to October 31, 2023 📍 Location: Swangard Stadium Central Park 💲 Price: $15.95 up Canadas award-winning outdoor Halloween event is back! Explore over 10,000+ hand-carved pumpkins in this unique walk-through experience. 🎃👻 5. Free First Friday Nights at the Gallery 🖼️ 📅 Dates: October 6, 2023, to December 1, 2023 📍 Location: Vancouver Art Gallery 💲 Price: Free Thanks to BMO, you can enjoy free access to the Vancouver Art Gallery on First Fridays. 🎨 Expand your world of art and culture with your family! 🌟 6. Once Upon a Haunted Sea 🌊 📅 Dates: October 2 to November 5, 2023 📍 Location: Gulf of Georgia Cannery National Historic Site 💲 Price: $10.75 - $12.50 Dive into a fairy-tale reboot of Halloween at the Gulf of Georgia Cannery National Historic Site. A spooky adventure awaits! 🧜♂️🦑 7. Halloween Pumpkin Express 🚂 📅 Dates: October 1 to October 31, 2023 📍 Location: Bear Creek Park 💲 Price: $11.50 - $17.50 All aboard the Halloween Pumpkin Express! 🎃 Enjoy crafts, activities, and watch your childs face light up as they design their perfect pumpkin mask. 🚆🎨 8. Fin-tastic Fall Days at The Vancouver Aquarium 🐠 📅 Dates: October 1 to October 31, 2023 📍 Location: The Vancouver Aquarium 💲 Price: $35.20 - $51.95 Experience fall in a whole new way at The Vancouver Aquarium. Marvel at the colors of the season and immerse yourself in an exclusive Octopus 4-D Movie Theatre Experience. 🍁🐙 9. Fun at Port Kells Nurseries 🌳 📅 Dates: October 1 to October 31, 2023 📍 Location: Port Kells Nurseries 💲 Price: Free admission Enjoy a day of fun at Port Kells Nurseries Pumpkin Patch. From outdoor play areas to animal attractions and a cedar maze, theres something for everyone! 🐇🌻 10. Family Fun at Laity Pumpkin Patch 🎃 📅 Dates: September 30 to October 31, 2023 📍 Location: Laity Pumpkin Patches, Maple Ridge 💲 Price: $10 - $13 Get ready for a whole lot of family fun at Laity Pumpkin Patch! From corn mazes to pumpkin cannons, theres a ton of excitement waiting for you. 🌽🍂 Feeling the fall vibes yet? 🍁 Dont miss out on these incredible family-friendly activities happening in Vancouver this October. Remember to use the hashtags #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

Housing prices set to moderate in coming months

10/6/2023

With renewed activity in the residential real estate market in recent months, the seasonally adjusted Teranet-National Bank composite index rose by 1.6% from July to August, the fourth consecutive monthly increase. As a result, the composite index is now just 2.1% below its all-time peak of April 2022, following a record cumulative decline of 8.6% over one year. The widespread nature of Augusts rise is also noteworthy, as this is the first time since March 2021 that monthly increases have been observed in all the CMAs included in the composite index. However, there is reason to believe that this strength is likely to be short-lived, given the slowdown observed in the resale market over the last two months in connection with the renewal of the Bank of Canadas monetary tightening cycle. Although price declines are expected in the coming months due to the growing impact of interest rates and the less favourable economic context, property price decreases should remain limited thanks to the support of historical demographic growth and the persistent lack of housing supply. HIGHLIGHTS: The Teranet National Bank Composite National House Price IndexTM rose by 1.6% in August after seasonal adjustment. After seasonal adjustment, all 11 markets in the composite index were up during the month: Calgary (+3.5%), Vancouver (+2.8%) and Hamilton (+2.4%) reported stronger-than-average growth, while growth Halifax (+1.4%), Quebec City (+1.3%), Toronto (+1.2%), Ottawa-Gatineau (+1.1%), Edmonton (+1.1%), Winnipeg (+0.7%), Montreal (+0.7%) and Victoria (+0.2%) were less vigorous. From August 2022 to August 2023, the composite index rose by 1.1%, the first annual increase in nine months. Growth was seen in Calgary (+6.2%), Halifax (+5.1%), Quebec City (+3.6%), Vancouver (+2.7%) and Toronto (+1.4%), while prices were still down in Edmonton (-0.3%), Victoria (-1.5%), Montreal (-1.7%), Hamilton (-1.7%), Ottawa-Gatineau (-2.3%) and Winnipeg (-3.6%) https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

📈 Inflation Insights: Bank of Canada Reveals Why Prices Keep Climbing

10/6/2023

Hey there, savvy readers! Weve got some hot-off-the-press insights from an October 4, 2023 article in Canadian Mortgage Trends magazine about the ongoing inflation rollercoaster 🎢. Strap in and lets break it down! The Bank of Canada (BoC) is dishing the details on whats been causing those pesky price hikes 🔥. According to BoC Deputy Governor Nicolas Vincent, businesses have been cranking up their prices more frequently and with larger jumps, and its got inflation higher than theyd like 📈. Vincent spilled the beans during his recent speech on pricing practices and monetary policy. He pointed out that businesses have been shaking things up in the price-setting department, especially since the pandemic hit. 🦠 He mentioned, Price increases were larger than normal during this period, driven by the higher costs that firms were facing and helped along by strong demand. 📈💼 So, whats up with the inflation numbers? After hitting a peak of 8.1% in June, it cooled down to 2.8% over the summer, only to bounce back up to 4%. Vincent said, Inflation has proven stickier than many expected. Part of the blame goes to global supply issues and those skyrocketing commodity prices 🌐💰. But, heres the plot twist: the way businesses set prices was an underappreciated factor. Vincent admitted that the Bank didnt fully consider this when making their predictions. In normal times, firms usually avoid frequent price changes due to various factors. But when costs rise quickly and demand is robust, we can expect them to play around more with prices. However, this shift back to normalcy has been a slow process 🐢. The Canadian government isnt just sitting back and watching these price shenanigans. Theyve got their eyes on Canadian grocers for what they see as excessive profits at the expense of struggling families. Prime Minister Justin Trudeau and NDP leader Jagmeet Singh have both voiced their concerns. Trudeau even gave the five largest grocery companies a task: come up with a plan to stabilize food prices by Thanksgiving 🦃. The Retail Council of Canada chimed in, noting that any food pricing discussions should include other players in the supply chain, like processors and manufacturers. Vincent emphasized that getting inflation back to the 2% target is crucial. He said, When inflation is low, price changes stand out more. This forces firms to be more careful about passing cost changes through to their prices. 📉💼 So, there you have it, folks! The Bank of Canadas take on why prices have been playing hard to get in line. Lets hope the inflation rollercoaster takes a chill pill soon! 🤞💸 #InflationInsights #BankOfCanada #PriceHikes #CanadianEconomy #SupplyChainIssues #GroceryPrices #StabilizeFoodPrices #EconomicInsights 🇨🇦💼📊 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

📈 BoC's Rate Hikes Pave the Way for a 'Soft Landing' - Insights from Former Deputy Governor 🏦

10/5/2023

Hey there, savvy readers! 👋 Weve got some fresh insights hot off the press from a CMP magazine article dated October 3, 2023. So, grab your favorite beverage and get ready to dive into the world of Canadian economics with a dash of optimism and a hint of caution! 🇨🇦💰 The Bank of Canada (BoC) has been making some waves in the financial world, and it looks like their rate hikes might just be steering the economy towards a soft landing. 🛬 Former BoC Deputy Governor, Paul Beaudry, thinks so too! 🤓 Over the course of March 2022 to mid-2023, the BoC cranked up the policy rate by a whopping 475 basis points. And guess what? It worked like a charm, cooling down the economy and bringing the annualized inflation rate closer to the BoCs coveted 2% target. 📉💼 In an interview with BNN Bloomberg, Beaudry said, I think its a plausible scenario [to get a soft landing], its the most likely one. But, hold on to your hats, folks hes keeping it real, mentioning that theres still a 30% chance of things going the other way. 🤷♂️📈📉 So, whats the big factor thatll tip the scales in the BoCs decision-making process? Sticky inflation and economic indicators, of course! Governor Tiff Macklem emphasized this in a recent speech at the Calgary Chamber of Commerce. 🎙️📊 Macklem noted that while the 2% target is in sight, theres still work to be done to ensure price stability for Canadians. He added, Overall inflationary pressures are persisting, and larger-than-normal price increases remain broad-based across the goods and services Canadians buy regularly. 🛒📈💸 Now, heres an interesting tidbit from former BoC governor David Dodge. He believes that while the BoC interest rate might dip slightly towards the end of 2024 or early 2025, it wont be sliding back to the pre-COVID-19 levels of sub-2%. Dodge predicts that rates will eventually stabilize around 3.5%, which is significantly higher than what we were used to before the pandemic. 💼🔮💰 So, there you have it, folks! The Canadian economy is on a rollercoaster ride, but it seems like the BoCs rate hikes have put it on a path toward a soft landing. Keep an eye on those sticky inflation numbers, and lets see where the future takes us! 🚀📊 #BoC #EconomicInsights #Inflation #CanadianEconomy #FinanceNews #SoftLanding #InterestRates #CMPMagazine #EconomicOutlook #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🇨🇦📉 The Canadian Job Market in September 2023: What You Need to Know 📉🇨🇦

10/4/2023

Hey there, job seekers! Weve got some fresh insights into Canadas job market as of September 29, 2023. The stats are in, and they might just surprise you! 😲 📊 Job Vacancies on the Decline 📊 Canadian job vacancies are taking a dip, folks. According to a CMP magazine article, theres been a significant drop of 43,100 job vacancies, which translates to a 5.8% decline in July. This trend has been on a roll since June 2022! 😬 In July, job vacancies hit a low we havent seen since May 2021, standing at 701,300. On a yearly basis, thats a whopping 28.1% drop, which means 273,700 fewer vacancies nationwide. 😱 The Job Vacancy Rate 😱 The job vacancy rate, which measures the number of vacant positions compared to the total labor demand (filled and unfilled positions combined), has dropped by 0.3 percentage points to 3.9% in July. It hasnt been this low since February 2021! On a year-over-year basis, the job vacancy rate fell by 1.6%, mainly due to a decline in vacancies combined with an increase in payroll employment. 🏢 Declines Across Various Sectors 🏢 Job vacancies are down across several sectors, with the retail trade (-12.8%), accommodation and food services (-11.6%), educational services (-18.6%), management of companies and enterprises (-42.3%), and mining, quarrying, and oil and gas extraction (-16.9%) sectors seeing the most significant drops. 🌍 Provinces Feeling the Impact 🌍 When it comes to the provinces, Ontario leads the pack with a monthly drop of 27,700 job vacancies, followed by Saskatchewan (-4,100), New Brunswick (-2,500), and Prince Edward Island (-1,000). Others are holding steady with little change. In a year-over-year comparison, seven provinces are experiencing a decrease in job vacancies, with Ontario leading the way again with a staggering drop of 33.8%. Quebec (-26.6%) and British Columbia (-26.0%) are also facing significant annual declines. 🤓 Expert Insights 🤓 Robert Kavcic, senior economist and director of economics at BMO Capital Markets, suggests that these figures show the Canadian job market is softening, though from extreme levels. While it might not have an immediate impact on wages and inflation, its something the Bank of Canada is keeping an eye on. Could this mean theyll continue to keep rates where they are? Time will tell! ⏰ So there you have it, folks! The job market in Canada is going through some changes, and its a hot topic in September 2023. Keep your eyes on the prize and stay tuned for more updates. 🍁 #JobMarket #CanadaJobs #EconomicTrends #CMPMagazine #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

📈 Canadian Economy at a Crossroads: GDP vs. Population Growth

10/3/2023

Hey there, savvy readers! 👋 Have you heard the buzz about Canadas economic landscape? Weve got some juicy insights fresh from an October 2, 2023 article in CMP magazine, and were here to break it down for you in a casual, relatable style. 📰💼 🇨🇦 Trouble Brewing in the North? Our friend Robert Kavcic over at BMO Economics has sounded the alarm. 🚨 Canadian GDP seems to be playing catch-up with population growth, and its raising eyebrows. In July, our GDP barely budged, and August wasnt much perkier at a measly +0.1%. 📉 So, whats the deal? Well, it seems like Q3 might just be barely in positive territory. 🤔 🌬️ The Struggle is Real The struggle is starting to look real in the Canadian economy, says Kavcic. 🇨🇦 With our real GDP staying put for the past six months while our population keeps growing at a rapid 3% per year, its like trying to catch a strong gust of wind with a butterfly net. 🦋💨 💸 Bond Market Blues But wait, theres more! Recent bond market developments are adding another layer of complexity. 📈 These developments are pushing borrowing rates even higher, making things even tougher for the Canadian economy. 🔄 Monetary Policy Lags Kavcic reminds us that monetary policy has its own timetable, with a lag of 12 to 18 months. So, the tightening cycle that kicked off last summer is about to take a bigger bite out of our financial apple. 🍎 Hence, dont expect to see much real growth between now and next spring. 🏡 Housing Policy on Lock On another front, Immigration Minister Marc Miller assures us that the federal government is sticking to its guns when it comes to population policy. 🎯 Theyre aiming for up to 500,000 new arrivals annually by 2025. 🚀 But, theres a twist. Miller acknowledges that this influx might stir things up in the housing market. 🏠📈 Hes keeping an eagle eye on it, saying, Volume is volume, and it does have an impact. Hes right, you know! Immigration has its role in shaping our housing landscape, and its something well have to dive into deeper. 📈 Growing Pains Even without these potential newcomers, Canadas annual gains of around 3% match the biggest yearly increase since the 1950s post-war boom! 🚀💥 Its very hard to bring down an economy in the aggregate when the size of the population is growing this quickly, Kavcic observes. So, folks, there you have it the lowdown on Canadas economic situation. Keep your eyes peeled for more updates, and lets see how these dynamics play out in the coming months! 🤞💼 #CanadaEconomy #GDPvsPopulation #EconomicInsights #HousingMarket #BMOEconomics #CMPMagazine #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

📈 Canada's Economy Stalls in August: What It Means for Your Wallet 💼💰

10/2/2023

Hey there, savvy readers! 🌟 Weve got the scoop on Canadas economic scene, and its a bit of a mixed bag. According to a September 29, 2023 article in CMP Magazine, the Great White Norths economy showed only a teeny-tiny 0.1% growth in August. 🇨🇦 So, whats the deal? Well, it seems like this sluggish performance might just put the brakes on any plans the Bank of Canada had for hiking up those interest rates. 🏦📉 Statistics Canada released the latest GDP figures, and they didnt paint the most thrilling picture. The economy is essentially doing a balancing act on a tightrope, with little change compared to the previous month. 🎪 Now, lets dive into the nitty-gritty. On the positive side, sectors like wholesale and finance showed some improvement in August. 📊💼 But dont pop the champagne just yet, because retail and oil and gas didnt fare too well, kinda raining on the parade. ☔ The manufacturing sector seems to be on a bit of a rollercoaster with its second consecutive 1.5% decline. Meanwhile, service industries were inching up by 0.1%, and goods-producing sectors took a slight dip by 0.3%. 🎢 So, what does this all mean? Well, these latest stats suggest that the Canadian economy is cooling down, and its no surprise after the Bank of Canadas series of aggressive interest rate hikes. 🌬️❄️ Earlier in the year, Canadas economy was sprinting at a 2.6% growth rate in the first quarter, but its looking like it might be more of a leisurely stroll at an annualized rate of just 0.2% for Q3, if September follows the same trend as the past couple of months. 🚶♂️🚶♀️ Now, heres a little something for your budget-conscious minds: the consumer price index (CPI), a way of measuring inflation, made headlines by jumping to 4%. 😲 But dont worry too much its come down from the 39-year high of 8.1% we saw last June. Phew! 😅 So, whats the bottom line, folks? Canadas economy is hitting some speed bumps, and it might be time to keep a close eye on those interest rates and your wallet. 💳💸 Stay tuned for more updates as we navigate these economic waters! 🌊📰 #EconomicUpdate #CanadaEconomy #InterestRates #Inflation #CMPMagazine #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

🌆 Vancouver's Hottest Theatre Shows: Your Ultimate Entertainment Guide! 🎭

9/30/2023

Welcome to the ultimate guide to Vancouvers most sizzling theatre events! Weve scoured the city to bring you the best in drama, comedy, and magic. So, sit back, relax, and lets dive into the world of captivating performances. 🌟 ToDoCanada Magazine has the inside scoop on these must-see productions, and we cant wait to share them with you. Whether youre a theatre aficionado or just looking for a night of fun, weve got something for everyone. 🎟️ 1. ChitChat Comedy at Chill X Studio 🤣 📍 Location: Chill X Studio, 2270 Manitoba St, Vancouver 🗓️ Date: September 30, 2023 💰 Price: $17 - $27 Get ready to laugh until your sides hurt as Vancouvers top comedians take the stage in the heart of the brewery district. 🍻 ChitChat Comedy promises an evening of non-stop hilarity thatll have you rolling in the aisles! 2. Sin City Illusions - Magic and Mystery 🎩✨ 📍 Location: Michael J Fox Theatre, 5455 Rumble Street, Burnaby 🗓️ Date: September 29, 2023 💰 Price: $30 - $40 Prepare to be mystified and amazed by mind-bending magic and jaw-dropping illusions! Sin City Illusions showcases the incredible talents of two of Canadas finest magicians, making it a show thats perfect for all ages. 3. Empire of the Son at Pacific Theatre 📻👨👦 📍 Location: Pacific Theatre, 1440 West 12th Avenue, Vancouver 🗓️ Date: September 28, 2023 - October 21, 2023 💰 Price: $37.50 Join radio broadcaster Tetsuro Shigematsu on an emotional journey to connect with his ailing father. Empire of the Son explores the complexities of family relationships and generations of untold stories. 4. Fairview at Historic Theatre 🎭🔍 📍 Location: Historic Theatre, 1895 Venables Street, Vancouver 🗓️ Date: September 27, 2023 - October 8, 2023 ☎️ Contact: 604-251-1363 💰 Price: $10.00 - $45.00 Dont miss Fairview, a thought-provoking examination of power presented by The Cultch. Its a production that will leave you contemplating long after the curtains close. 5. Fallen from Heaven (Cada del Cielo) 💃🕺 📍 Location: Goldcorp Centre for the Arts, 149 W Hastings St, Vancouver 🗓️ Date: September 27, 2023 - September 30, 2023 ☎️ Contact: 2367775128 💰 Price: $35 - $90 Experience the Canadian premiere of Compaa Roco Molinas breathtaking performance, brought to you by DanceHouse and SFU Woodwards Cultural Programs in partnership with Vancouver International Flamenco Festival. 6. The Mousetrap by Agatha Christie 🕵️♀️🔍 📍 Location: Metro Theatre Vancouver, 1370 SW Marine Drive, Vancouver 🗓️ Date: September 15, 2023 - October 7, 2023 ☎️ Contact: 604 266 7191 💰 Price: $25 - $36 Join the suspense as Agatha Christies timeless classic, The Mousetrap, unravels its thrilling mystery on stage. Its a whodunit that has captivated audiences worldwide for over 70 years! 7. The Last Wife at Jericho Arts Centre 👑🌟 📍 Location: Jericho Arts Centre, Discovery Street, Vancouver 🗓️ Date: September 8, 2023 - October 1, 2023 💰 Price: $15 - $34 Witness the rise of Kate Parr, a smart and passionate woman in a world of power and intrigue, in this compelling production presented by United Players. 8. Little Shop of Horrors at Stanley Industrial Alliance Stage 🌱🌟 📍 Location: Stanley Industrial Alliance Stage, 2750 Granville Street, Vancouver 🗓️ Date: September 7, 2023 - October 8, 2023 ☎️ Contact: 604.687.5315 💰 Price: $46 - $142 Prepare for a wild ride with Seymour and his extraordinary plant in Little Shop of Horrors. This fast-paced musical is bound to keep you entertained from start to finish! 9. Hidden Wonders Speakeasy Magic Experience 🎩✨ 📍 Location: Hidden Wonders Showroom, Clarkson Street, New Westminster 🗓️ Date: September 7, 2023 - September 30, 2023 ☎️ Contact: 604 936 1234 💰 Price: $50.00 - $130.00 Prepare to be spellbound at Hidden Wonders, where magician Shawn Farquhar dazzles with mind-blowing magic in Historic Downtown New Westminster. 10. Bard on the Beach Shakespeare Festival 🎭🌊 📍 Location: Vanier Park, Whyte Avenue, Vancouver 🗓️ Date: June 8, 2023 - September 30, 2023 💰 Price: $30 up The Bard on the Beach Shakespeare Festival is back with a stellar lineup, including timeless classics and gripping historical dramas. Its Shakespeare like youve never seen before! There you have it, folks! The hottest theatre shows in Vancouver, straight from ToDoCanada Magazine. 🎭 Grab your tickets, round up your friends and family, and get ready for an unforgettable night of entertainment! 🏡🍁 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker #HomeSweetHome 🏡🍁

READ MORE

Housing Market Monitor: Housing market slowed in August as interest rates weigh in

9/29/2023

Summary On a seasonally adjusted basis, home sales decreased 4.1% from July to August, a second monthly contraction in a row following the renewed monetary tightening cycle of the Bank of Canada. On the supply side, new listings increased 0.8% in August, a fifth consecutive monthly increase. Another sign of a loss of momentum in the real estate market is the proportion of listings cancelled during the month, which continues to rise, a sign that some sellers are discouraged by recent interest rate hikes. Overall, active listing increased by 1.9%, a third monthly gain in a row. As a result the number of months of inventory (active-listings to sales) increased from 3.2 in July to 3.4 in August. This continues to be higher than the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio is still tighter than its historical average in every province. Housing starts in Canada decreased slightly in August (-2.4K to 252.8K, seasonally adjusted and annualized), beating consensus expectations calling for a 250K print. Decreases in housing starts were seen in Ontario (-14.9K to 84.6K), Manitoba (-3.2K to 6.8K), and Nova Scotia (-2.5 to 3.2K). Meanwhile, increases were registered in Quebec (+14.8K to 53.1K), New Brunswick (+2.1 to 7.1K), Alberta (+1.1K to 39.6K), and Saskatchewan (+0.2K to 5.5), while starts in Newfoundland (1.1K), P.E.I. (1.2K), and B.C. (50.7K) remained unchanged. The Teranet-National Bank Composite National House Price Index rose by 1.6% in August after seasonal adjustment. All 11 markets in the composite index were up during the month: Calgary (+3.5%), Vancouver (+2.8%) and Hamilton (+2. 4%) reported stronger-than-average growth, while Halifax (+1.4%), Quebec City (+1.3%), Toronto (+1.2%), Ottawa-Gatineau (+1.1%), Edmonton (+1.1%), Winnipeg (+0.7%), Montreal (+0.7%) and Victoria (+0.2%) were less vigorous. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

The Canadian Housing Market: Finding Balance in Unpredictable Times

9/29/2023

Hey there, homeowners and future property aficionados! 🏠 Curious about the latest buzz in the real estate world? Well, grab your favorite beverage because were about to dive into some fascinating insights. Breaking News: Canadian Housing Market Insights 🏙️ In a recent article sourced from CMP magazine, dated September 25, 2023, we unearthed some intriguing revelations about the Canadian housing market. Buckle up; its about to get interesting! 🚀 📊 UBS Global Real Estate Bubble Index 2023 Lets kick things off with the UBS Global Real Estate Bubble Index, the ultimate scorecard for cities worldwide. This year, its shaken up the scene, revealing that several cities, including Toronto, Vancouver, Frankfurt, Munich, Hong Kong, Amsterdam, and Tel Aviv, have shifted from the bubble risk zone to the overvalued territory. Only Zurich and Tokyo remain in the bubble risk category. 📈 On the flip side, cities like New York, Boston, San Francisco, and Madrid have found some equilibrium, now considered fairly valued. Joining the fairly valued club are Milan, So Paulo, Warsaw, Singapore, and Dubai. 🤝 💸 Impact of Rising Mortgage Rates Now, heres the kicker! 📈 Mortgage rates have skyrocketed since 2023, nearly tripling in most markets. 🚀 These climbing financing costs have put a pause on house price growth, resulting in a bit of a standstill. In fact, when adjusted for inflation, prices are currently 5% lower than mid-2022. 😲 Claudio Saputelli, the head of real estate at UBS Global Wealth Managements Chief Investment Office, explains, On average, the cities have lost most of the real price gains made during the pandemic and are now close to mid-2020 levels again. Ouch! 📉 🇨🇦 Toronto and Vancouver Under the Microscope Now, lets zero in on Toronto and Vancouver. Toronto, one of the riskiest cities in the previous report, witnessed its real prices drop by 15% over the past year. Meanwhile, Vancouver, with its high market valuations and relatively short mortgage terms, is feeling the pressure on house prices. Between mid-2019 and mid-2022, Vancouvers real prices shot up by 25%, and Toronto wasnt far behind with an almost 35% increase. However, since 2022, both cities have corrected by more than 10% when adjusted for inflation. 😓 But heres the twistdemand for living space is on the rise, and its shifting gears toward the rental market. 🏢 So, whether youre looking to invest in real estate or rent out your property, this could be your golden opportunity! In conclusion, the Canadian housing market is keeping us all on our toes. 🙌 Finding that sweet spot in the market is key, whether youre a homeowner or an investor. Stay tuned for more thrilling updates! 🏡💼 Disclaimer: This blog post is based on information from a September 25, 2023 article in CMP magazine. The real estate market can be unpredictable, so always consult with experts before making significant decisions. 💡 #AffordableHousing #GroceryPrices #BillC56 #Canada #HousingRevolution #CompetitionMatters #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

🏡 British Columbia Unveils Ambitious Housing Targets to Tackle Crisis 🏡

9/28/2023

Hey there, housing enthusiasts! 📢 Today, weve got some hot-off-the-press news to share with you. Straight from a September 27, 2023 article in CMP magazine, British Columbia is setting its sights on addressing the housing crisis with a bold plan. 📰 First, the Basics: The British Columbia government is rolling out its housing game plan, complete with housing targets for ten cities and municipalities across the province. Housing Minister Ravi Kahlon is taking the lead, and heres the deal: 🌆 These communities, primarily in Metro Vancouver and Greater Victoria, have been given a five-year mission 🚀 to meet these new housing targets set out in the plan. 🔍 After just six months, the province will check progress, and if things arent moving in the right direction, they might bring in an independent person to help. But lets hope it doesnt come to that! 🤞 The Nitty-Gritty: So, what are these targets, you ask? Well, if all goes according to plan, these ten communities will see a whopping 30% increase in housing construction compared to previous plans. 📈 But heres the twist: British Columbia is charging ahead with these targets even without a guaranteed federal funding commitment. Theyre eager to get things rolling because, frankly, they cant afford to wait much longer. The housing crisis is hitting hard, with people living in encampments and parks and others teetering on the edge due to global inflation pressures. 😟 Targets Galore! Lets break down some of these housing targets: Vancouver is looking at 28,900 units. Abbotsford is aiming for 7,240 units. Victoria is in the game with 4,902 units. Saanich has its eyes set on 4,610 units. And there are more targets for municipalities like Kamloops, Delta, Oak Bay, Port Moody, West Vancouver, and North Vancouver District. 🎯 Community Voices: The City of Vancouver is all in, pledging their full commitment to the plan. Mayor Ken Sim says theyre ready to meet or even exceed the provincial targets through zoning and permitting changes. 👏 Delta Mayor George Harvie chimes in, saying they need help from the province to make their housing goals a reality, including provincial funding and legislative changes. 🏘️ But Wait, Theres a Twist! Not everyone is thrilled with the targets. Abundant Housing Vancouver thinks that Vancouvers target of 28,900 units doesnt go far enough, considering the severity of the citys housing crisis. They believe it should be tripled! 😮 Whats Next? British Columbia isnt stopping at these ten municipalities. They plan to select another ten by the end of the year, followed by another ten six months after that. 📆 Federal Support? While British Columbia is charging ahead, theres a bit of uncertainty when it comes to federal support. Premier David Eby met with federal ministers and Prime Minister Justin Trudeau to discuss coordination between all levels of government. The federal government did announce a $4 billion Housing Accelerator Fund in their 2022 Budget, which could help, but details are still in the works. 🤝 Final Thoughts: With the housing crisis affecting communities, British Columbia is taking a proactive approach to tackle the issue head-on. Its a race against time, and theyre not waiting around! 🏁 Lets hope this ambitious plan can make a dent in the housing crisis and provide much-needed relief for residents. Stay tuned for more updates! 🤗 #HousingCrisis #BCPlan #AffordableHousing #CommunityAction #BCNews #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

"Unlocking the Key to Home Financing 🏡: Mortgage Broker vs. Bank Mortgage Specialist in BC"

9/27/2023

Are you dreaming of a cozy BC home with a view of the mountains or perhaps a stroll along the seawall? 🌆 Before you dive into the exciting world of homeownership, youll need the right mortgage partner by your side. 🤝 But who should you turn to: a mortgage broker or a bank mortgage specialist? Lets break it down for you, fellow British Columbians! 🇨🇦 🏦 Bank Mortgage Specialist: Picture this: You walk into your local bank branch, and theres a friendly face ready to help you with your mortgage. These folks are called bank mortgage specialists. They work exclusively for the bank and offer mortgage products from that one bank only. Theyre like the in-house chefs who prepare dishes using only the ingredients from their own pantry. 🍽️ 🏠 Mortgage Broker: Now, imagine a world with endless possibilities. Mortgage brokers are like culinary wizards who have access to all the ingredients from various pantries (lenders). They work independently, shopping around for the best mortgage deal that suits your unique needs. 🧙♂️ Their goal? Finding you the tastiest mortgage with unmatched benefits. 🎩 So, why is a mortgage broker often a better choice in BCs housing market? 🌆 1. Save Time and Hassle: Brokers are like your personal mortgage shoppers. They handle all the paperwork, negotiations, and communications with lenders. You can focus on packing boxes and choosing paint colors instead of navigating the mortgage maze. 📦🖌️ 2. Personalized Service: Mortgage brokers work for you, not the bank. Theyre your advocates in the lending world, tailoring solutions to fit your unique financial circumstances and homeownership goals. 🏡👩💼 3. Wide Range of Options: Mortgage brokers have access to a diverse array of lenders, including A lenders, B lenders, and even private lenders. This means they can tailor mortgage solutions to your specific financial situation, whether you have pristine credit or a few blemishes. 🏦💼 4. Flexibility: In BCs dynamic housing market, flexibility is key. Brokers can often secure financing for clients who might not meet the rigid criteria of traditional banks. Whether youre a first-time buyer or a seasoned homeowner, brokers have your back. 🔄🔑 5. Expert Advice: Mortgage brokers are pros when it comes to mortgage options, interest rates, and mortgage products. They can break down complex terms and explain everything in plain English, helping you make informed decisions. 📚📝 So, when its time to choose between a bank mortgage specialist and a mortgage broker, remember: whether youre on the west coast or exploring the interior, a mortgage broker might just be the shining star you need to make your homeownership dreams come true! ✨🌄 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

🏡 Deciphering Home Appraisals: Unveiling the Ownership Mystery 💼

9/26/2023

Hey there, homeowners and future homebuyers! Weve got some fascinating insights for you about home appraisals that might just blow your mind. 🧐 Imagine this scenario: Youre on the verge of realizing your dream of homeownership, and youve invested in a home appraisal. Naturally, youd expect to receive a copy of it, right? Well, not so fast! 💸 In a recent article featured in Canadian Mortgage Trends magazine (dated September 25, 2023), we stumbled upon a surprising revelation: Paying for a home appraisal doesnt necessarily grant you ownership of it. 📝 So, who gets to call the shots in this intriguing appraisal process? Lets dive in. 💼 As Christopher Bisson, the founder of appraisal tech company Value Connect, puts it, He or she who holds the gold, makes the rules. In simpler terms, the party responsible for financing your mortgage has a say in who gets to retain the appraisal. 🤷♂️ Now, heres where it gets even more perplexing: Financial institutions are obliged to furnish copies of your credit score assessments, even if a third party requests them. But when it comes to home appraisals, its a whole different ball game. 🏦 In Canada, there are two professional appraiser associations, each with distinct rules about appraisal ownership. According to the Appraisal Institute of Canada (AIC), the appraisal report belongs to the entity that commissioned it, often the lender when its done for financing purposes. Even if youre the one who requested it, you arent considered the appraisers client. 🤔 On the flip side, the Canadian National Association of Real Estate Appraisers takes a different stance. They argue that the person who requests and pays for the appraisal, whether its a homebuyer or a lender, should have access to a copy of the report. Its then up to the payer to decide whether they want to share it with others involved in the mortgage process. 💡 But why all the secrecy? 🤐 According to Bisson, these strict guidelines are in place to ensure lenders extract the specific information they need from the appraisal. After all, different lenders may have varying criteria, and an appraisal tailored for one might not fit the bill for another. Hence, appraisers prefer to keep tabs on where their report ends up. 📊 However, heres a little trick: If youre unsure which lender will handle your mortgage application, you can communicate to the appraiser the type of lender youre leaning toward. They can then tailor the report to match that lenders criteria, eliminating any last-minute surprises. 🎉 But why are lenders so guarded about these appraisal reports? Well, it might all boil down to maintaining a competitive edge. 📈 Keith Lancastle, interim CEO at the Appraisal Institute of Canada, speculates that lenders may not want others to gain access to the report and potentially explore alternative options. 💼 So, there you have it! The practice of homeowners requesting appraisals has become a norm in the mortgage industry, and it seems to be here to stay. 🏠💰 Have you ever encountered the appraisal enigma? Share your thoughts with us in the comments! And dont forget to delve into the full article in Canadian Mortgage Trends for all the juicy details. #HomeAppraisal #BestMortgageRates #BestMortgageBroker #CanadianMortgages #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

Unlocking Opportunities: Federal Bill Sparks Housing & Grocery Transformation 🏠🛒

9/25/2023

Hello, dear readers! Were thrilled to bring you the latest scoop from a September 22, 2023 article featured in CMP magazine. Hold onto your hats because the Canadian government is taking bold strides to address the housing crisis and ensure grocery prices remain steady with Bill C-56, aptly named the Affordable Housing and Groceries Act. 📰 🏡 The Housing Horizon: Brace yourselves! Chrystia Freeland, the Deputy Prime Minister and Minister of Finance, just dropped a game-changer the removal of the Goods and Services Tax (GST) on new rental housing construction across our great nation, Canada! 🇨🇦 The mission? To motivate builders to step up their game and create more apartment complexes, student housing, and senior residences. 📉 Goodbye GST: This groundbreaking legislation pumps up the GST Rental Rebate from a modest 36% to an incredible 100%! No more complex phase-out thresholds either, making it even more enticing for fresh rental housing projects to break ground. Picture this: a two-bedroom rental unit valued at $500,000 means a whopping $25,000 in tax relief. Thats a deal you dont want to miss! 💰 🏗️ Building Tomorrow: Freeland emphasized that the governments central focus since 2015 has been fostering a robust middle class, ensuring success for all. As an added bonus, provinces like Ontario and Newfoundland and Labrador are also joining the movement by waving goodbye to provincial taxes on new rentals, aligning perfectly with the federal vision to expedite rental housing construction. 🏘️ 🛒 Grocery Revolution: But thats not all Bill C-56 is a two-for-one treat! Its all set to revolutionize the grocery sector as well. The legislation will empower the Competition Bureau to take a more proactive role in keeping the grocery industry in check. 💪🛒 🕵️ Fair Play: The Bureau gains more authority to investigate unfair industry practices, such as price fixing or price gouging. And its not just investigation; theyre taking enforcement action to ensure fairness for all consumers. No more underhanded tactics! 🚫💸 🛒 Choice Matters: The bills aim is also to thwart anti-competitive mergers that inflate prices and limit choices for Canadian consumers. It equips the Competition Bureau with the tools to block collaborations that stifle competition and consumer choice, particularly when large grocery chains hinder smaller competitors from establishing nearby operations. 🛒🚫 So, there you have it, folks! Bill C-56 is laying the groundwork for a brighter future with more affordable housing choices and a fairer grocery market. 🏠🛒 Lets hope this legislation cooks up success and keeps the Canadian dream alive for years to come. 🌟 #AffordableHousing #GroceryPrices #BillC56 #Canada #HousingRevolution #CompetitionMatters #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁

READ MORE

🌟 Weekend Extravaganza: BC's Hottest Festivals Await! 🌟

9/23/2023

Hello, fellow festival enthusiasts! If youre on the hunt for some thrilling weekend plans, look no further! Weve got the inside scoop on the most exciting festivals happening across beautiful British Columbia, brought to you by ToDoCanada magazine. From music to art to delicious corn on the cob, theres something for everyone to enjoy. 🎉 1. Shipyards Festival - Free Fun in North Vancouver! 📅 Date: September 23, 2023 📍 Location: Shipyards District, North Vancouver 💰 Price: Free Kick off your weekend with groovy beats at the Shipyards Festival! 🎶 This lively street party in Lower Lonsdale promises a night of dancing, with multiple stages featuring incredible musical performances. Its a not-to-be-missed event! 🕺💃 2. Renfrew Ravine Moon Festival - A Harvest Fair Lantern Parade! 📅 Date: September 23, 2023 📍 Location: Slocan Park, Vancouver 💰 Price: Free Celebrate the spirit of harvest this weekend at the Renfrew Ravine Moon Festival! 🌕🍂 Dive into eco-art workshops, groove to diverse live music, savor mouthwatering foods, and join the enchanting lantern parade along the Lost Streams of Still Creek. A magical weekend awaits the whole family! 3. Agassiz Fall Fair and Corn Festival - A Cornucopia of Fun! 📅 Date: September 23-24, 2023 📍 Location: Agassiz Fairgrounds, Agassiz 💰 Price: Free to $10 Get ready for a weekend brimming with excitement at the 119th fair and 75th corn festival in Agassiz! 🌽🎡 Explore captivating exhibits, meet adorable 4H animals, enjoy parades, savor stage entertainment, hop on thrilling midway rides, relish mouthwatering food truck delights, and dont miss the delectable chicken corn BBQ. Plus, theres a relaxing beer garden for the adults to unwind. Cheers! 🍻 4. BC Culture Days - Celebrate Art and Culture! 📅 Date: September 22 - October 15, 2023 📍 Location: Various Locations, BC 💰 Price: Free Elevate your weekend with a burst of creativity at Culture Days! 🎨 This event offers an array of engaging, hands-on, interactive arts and cultural activities presented by talented artists, groups, and organizations. Dive into BCs vibrant creative scene and let your imagination soar! 🖌️🎭 5. Vancouver International Flamenco Festival - Feel the Flamenco Heat! 📅 Date: September 18 - 30, 2023 📍 Location: Various Venues, Vancouver 💰 Price: Varies Indulge in a passionate and fiery weekend at the Vancouver International Flamenco Festival! 💃🕺 Immerse yourself in the art of Flamenco, with breathtaking performances that will leave you spellbound. This festival is a rare gem outside of Spain and an experience you wont want to miss! 6. Dahlia Flower Festival - Blooms and Beyond! 📅 Date: August 10 - October 10, 2023 📍 Location: Shangrila Farm, Mission 💰 Price: $10 to $17 For all the flower enthusiasts out there, the Dahlia Flower Festival at Shangrila Farm is a must-visit this weekend! 🌼 Explore ten acres of breathtaking gardens with 360-degree mountain views, discover stunning dahlia flowers, and admire handcrafted artworks. Its a floral paradise waiting to be explored! 🌸 Dont miss out on these incredible weekend events happening in BC. Whether youre passionate about music, culture, or simply savoring the beauty of nature, theres something for everyone. Grab your friends and family, and lets create unforgettable weekend memories! 🎊 Get ready to have a blast at these fantastic BC festivals happening this weekend! Which one are you most excited about? Let us know in the comments below! 🏡💰 #vancouvermortgagebroker #northvancouvermortgagebroker #westvancouvermortgagebroker #burnabymortgagebroker #newwestminstermortgagebroker #surreymortgagebroker #langleymortgagebroker #abbotsfordmortgagebroker #coquitlammortgagebroker #portmoodymortgagebroker #missionmortgagebroker #mapleridgemortgagebroker #pittmeadowsmortgagebroker #chilliwackmortgagebroker #kelownamortgagebroker #victoriamortgagebroker #vancouverislandmortgagebroker #bestmortgagerates #bestmortgagebroker

READ MORE

"Cracking the Code: How Bank of Canada's Rate Moves Tackle Inflation"

9/21/2023

Hey there, fellow financial explorers! 🏦💸 Today, were diving deep into the latest buzz surrounding the Bank of Canadas strategy to combat the ever-elusive inflation dragon. 📈 Picture this: Deputy Governor Sharon Kozicki steps up to the podium at the University of Regina, and shes got some pearls of wisdom to share. Brace yourselvesthose interest rate hikes are showing signs of flexing their muscles against rising prices. 🛑📉 Now, weve all noticed the prices on the rise, right? In August, the consumer price index (CPI) made a leap from 3.3% to 4%. But Kozicki reminds us that economic ups and downs are just part of the rollercoaster we call life. 🎢 The silver lining? Those interest rate hikes are making folks pause before they splurge. Household credit growth is taking a breather, and people are tightening their financial belts. 💳💰 But heres the plot twist: The Bank of Canada isnt lounging around. Nope, theyre keeping their finger on the pulse, ready to crank up those rates if things start heating up again. 📈🔍 And heres the kicker: While core inflation might be cooling off a tad, the CPI data says price pressures are still doing their thing. The CPI-trim rate, which conveniently leaves out mortgage interest costs, has been steady at 3.5%-4%. So, inflations got some rhythm. 🎵 Now, lets talk about the pandemic paradox Kozicki dropped. Its all about pent-up demand and boosted savings, making folks less jittery about borrowing. Think of it as an economic safety net for those unexpected financial bumps. 🛋️💰 But hold onto your hats: The Bank of Canada isnt making decisions based on one-size-fits-all scenarios. Theyre diving into the nitty-gritty, deciphering where the economic ship is headed, and ensuring it sails smoothly. 📊🤓 So, whats in it for you? Stay tuned because this could impact your mortgage rates. And whether youre in Vancouver, North Vancouver, West Vancouver, or anywhere else in Canada, staying informed about mortgage rates is your secret weapon. 🏡💼 Remember, the financial worlds a wild ride, and having a trusted mortgage broker by your side is like having your very own financial guide! 🌟💪 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #NewWestminsterMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏠💰📊

READ MORE

🏡 CMHC Reports a Slight Dip in Canadian Housing Starts 🏡

9/20/2023

Hey there, folks! Weve got some interesting news for you in the world of Canadian real estate. 🇨🇦 According to a recent article in CMP magazine (dated September 19, 2023), the Canada Mortgage and Housing Corp. (CMHC) has reported a small decline in the annual pace of housing starts for the month of August. Lets break it down for you! 📉 The Numbers Game 📉 In August, the seasonally adjusted annual rate of housing starts in Canada dipped by a modest 1% when compared to July. This translates to 252,787 housing starts in August, down from 255,232 in the previous month. So, it seems like the housing market is taking a bit of a breather. 🏙️ Urban Impact 🏙️ The decrease in housing starts was mainly driven by urban areas, where the rate of urban housing starts fell by 1% to 233,075 units in August. 🏢 Within this category, multi-unit urban starts decreased by 1% to 191,250, while the rate of single-detached urban starts saw a 2% increase, totaling 41,825. 🌾 Rural Starts 🌾 As for our rural friends, the annual rate of rural housing starts was estimated at 19,712. 📈 A Little Silver Lining 📈 But hey, its not all gloom and doom! The six-month moving average of the overall monthly seasonally adjusted annual rate of housing starts did increase slightly to 244,507 units in August, up 0.8% from Julys 242,552 units. So, theres a bit of a mixed bag going on. 🏡 What Does This Mean for You? 🏡 If youre in the market for a new home or thinking about making a move, this information could be helpful in making your plans. 🤔 Keep an eye on those trends and maybe consider chatting with your local mortgage broker to navigate these shifts. And there you have it, folks! The latest scoop on Canadian housing starts as of September 19, 2023. Stay informed, stay savvy! 💡 🏷️ #VancouverMortgageBroker #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #BurnabyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VictoriaMortgageBroker #BestMortgageRates #BestMortgageBroker 🏷️

READ MORE

🏡 Breaking News: Parliament Resumes with Focus on Housing and Cost of Living 🏡

9/19/2023

Hey there, mortgage seekers and cost-conscious Canucks! Weve got some fresh news hot off the press from The Canadian Press on September 18, 2023. Parliament is back in session, and its all about housing and your wallet. 😮💼 Liberals Housing Hopes 💰 The Liberals are stepping up their game to tackle housing and cost-of-living challenges. Theyve been having a tough time in the polls lately, so theyre bringing out the big guns. 🚀 Deputy Prime Minister Chrystia Freeland knows the struggle is real for many Canadians. Shes promising real solutions for the problems you face every day, not just political jargon. 🗣️ So far, theyve given some GST rebates and housing benefits, but more is on the horizon. 🏠 Grocery Chains in the Spotlight 🍏 Food costs are soaring, and the government wants to put an end to it. Industry Minister Francois-Philippe Champagne is calling on the CEOs of major grocery chains to come up with a plan to lower prices by Thanksgiving. If they dont deliver, the government might step in. 😠 NDP Leader Jagmeet Singh wants to slap a windfall tax on grocery giants making record profits. 🤑 But Conservative Leader Pierre Poilievre isnt convinced and thinks its all for show. He wants to tackle food costs by axing the carbon price, which indirectly impacts food prices. 🌽 Housing Headaches 🏘️ Housing is another big headache for Canadians, and its all about supply and affordability. Canada needs 3.5 million new homes by 2030, and the Liberals want to make it easier to build rental units by removing the GST from construction costs. 🏗️ Conservative Pierre Poilievre has a similar plan, plus extra cash for cities that kickstart housing construction. Hes promising no red tape for cities. ✂️ Climate Clash ☀️🌍 Climate change is also on the agenda, with Liberals targeting the Conservatives for lacking a clear plan beyond cancelling the carbon price. Environment Minister Steven Guilbeault is coming in hot with a plan to cap emissions from oil and gas production. 🔥🛢️ Stay tuned as the political climate heats up! 🔥 Foreign Interference Inquiry 🕵️♂️ Lastly, dont forget about the public inquiry into foreign interference. Details are still hazy, but the first report is due in February. 🕵️♀️ Thats a wrap on this juicy update! Stay tuned for more news, and remember, were in this together, Canada! 🇨🇦 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #NewWestminsterMortgageBroker #PortMoodyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VictoriaMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡💰🌽🔥

READ MORE

🏡 Canadians' Incomes Impacting Housing Demand: What You Need to Know! 🇨🇦

9/18/2023

Hey there, savvy homebuyers and real estate enthusiasts! Weve got some hot-off-the-press insights from a September 14, 2023 article in CMP Magazine. 🔥 The Canada Mortgage and Housing Corporation (CMHC) has just dropped some knowledge on how Canadians incomes are shaking up the housing market. 🏘️ Lets break it down for you: 1. Income Changes Shake Things Up CMHC predicts some changes in the housing market due to significant shifts in household incomes. They expect relatively less demand in Ontario and British Columbia, while Alberta and Quebec are gearing up for increased interest in housing. 📉📈 2. Bank of Canadas Impact One major player in this financial whirlwind is the Bank of Canada. Their policies, including a 475-basis-point interest rate increase, are causing waves. The impact? Its expected to hit Ontario harder than other provinces. 🏦💸 3. Optimism in Alberta and Quebec But its not all doom and gloom! CMHC is feeling optimistic about growth in household income in Alberta and Quebec. 🌟 4. Affordable Housing Shortage Now, heres the kicker. By 2030, Canada may still be short by a whopping 3.5 million homes to meet affordability needs. Economic growth is a key factor, and it might affect our housing goals. 🏠💔 5. Immigration Impact Even though immigration levels have been higher than expected, they might not solve the housing puzzle. Why? Because housing supply takes time to catch up with demand, and not all immigrants contribute to housing demand. 🌍🏡 So there you have it, folks! The Canadian housing market is experiencing some twists and turns, but theres always hope on the horizon. 🌅 Call me with any of your mortgage needs, and stay informed about the latest developments in our dynamic housing market! 💼💰 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #PortMoodyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #BestMortgageRates #BestMortgageBroker 🏠💼

READ MORE

📣 Hey, Vancouver party animals and music lovers! 🎉

9/16/2023

📣 Hey, Vancouver party animals and music lovers! 🎉 Weve got some exciting events lined up for you, straight from the pages of ToDoCanada magazine. Whether youre into poetry, classical music, or electronic beats, theres something for everyone this weekend. 🎶 Dr. John Cooper Clarke at Rickshaw Theatre 📅 Date: September 15, 2023 💲 Price: $30.83 The original peoples poet from the 70s, Dr. John Cooper Clarke is hitting the stage at the Rickshaw Theatre. Get ready for a night of unique poetry and music thats sure to take you on a nostalgic trip! 🎤 Maestro Tausk Conducts Mahlers Sixth at Orpheum Theatre 📅 Date: September 15-16, 2023 💲 Price: $26.43 - $125.00 Join Maestro Tausk as he kicks off the 105th VSO season with Anna Thorvaldsdottirs mesmerizing work. Its going to be a symphonic masterpiece thatll give you goosebumps! 🎻 Transcendent Talas: A Rhythmic Odyssey at Historic Theatre 📅 Date: September 15, 2023 💲 Price: $10 - $40 Step into the enchanting world of Carnatic music with Transcendent Talas. This concert is bound to leave you in awe as it explores the mesmerizing realm of rhythm. 🥁 Moving in Time: A Journey of Rhythm at Surrey City Hall 📅 Date: September 15, 2023 💲 Price: $25 - $35 Prepare for a night of world-class Indian classical music as the Indian Classical Music Society of Vancouver collaborates with Surrey. Its a journey of rhythm you wont want to miss! 🎶 Incubator Sessions at Celebrities 📅 Date: September 15, 2023 💲 Price: Free Looking to discover some local talent? Dont miss Incubator Sessions V1 a community initiative thats all about nurturing local artists. Best part? Its FREE! 🌟 Hermanos Gutirrez at Commodore Ballroom 📅 Date: September 15, 2023 💲 Price: $34.25+fees Swiss Latin instrumental band Hermanos Gutirrez is bringing the heat to Zrich. Get ready to groove to their tunes thatll transport you to musical paradise! 🎸 Spag Heddy at Celebrities 📅 Date: September 15, 2023 💲 Price: $35.14 up Dutch-born sensation Spag Heddy has been serving up dubstep-infused club bangers since 2011. Get your dance shoes on because this ones going to be a wild ride! 🕺 Sharing Points of View at River Rock Casino Resort 📅 Date: September 16, 2023 💲 Price: $73.25 - $128.25+fees The iconic OPM duet Points of View is gracing Vancouvers stage. Joey Albert and more will leave you in awe with their mesmerizing performance. 🎤 Ewan McVicar at Village Studios 📅 Date: September 16, 2023 💲 Price: $27.21 up Ewan McVicar, hailing from Ayr, Scotland, is bringing the club culture to life. Expect a night of non-stop dancing and unforgettable beats! 🎧 Valentino Khan at Celebrities 📅 Date: September 16, 2023 💲 Price: $30 up+fees Los Angeles-based DJ Valentino Khan is known for his electrifying electronic club anthems. Get ready for a night of pulsating beats and epic drops! 🔥 ARMNHMR - Together As One Tour at Commodore Ballroom 📅 Date: September 16, 2023 💲 Price: $28.50 - $38.50+fees ARMNHMR is breaking musical boundaries with their unique #HammerSound. Get ready for a dance music extravaganza thatll have you on your feet all night! 💃 Our name is LEEGAL at Historic Theatre 📅 Date: September 17, 2023 💲 Price: $25 - $35 Celebrate the iconic Brazilian singers, Rita Lee and Gal Costa, with the amarElas band. Its a tribute thatll transport you to the heart of Brazilian music! 🇧🇷 So there you have it, folks! 🎉 Grab your tickets, round up your friends, and lets make this weekend one to remember. 🎶 Dont forget to use these hashtags to share your experiences: #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡💰

READ MORE

Housing shortages in Canada: Updating how much housing we need by 2030

9/15/2023

From CMHC Key Highlights To restore affordability, we maintain our 2022 projection that Canada will need 3.5 million more units on top of whats already being built. Weve adjusted our 2030 projection for how many housing units there will be in Canada in 2030 based on current rates of new construction. Our most recent projection is 18.2 million units, down from our 2022 estimate of 18.6 million. This is largely due to the shortfall in housing construction. About 60% of the 3.5 million housing unit gap is in Ontario and British Columbia. This is because housing supply hasnt kept up with demand over the past 20 years in some of the largest urban centres. Additional supply will also be needed in Quebec. Once considered affordable, the province has become less affordable over the last few years. More supply need is also projected for Alberta due to strong economic growth. Other provinces remain affordable to households with an average level of disposable income. However, challenges remain for low-income households in accessing housing that is affordable across Canada. In addition to our baseline scenario of 3.5 million additional units being needed to restore affordability by 2030, we offer 2 alternate scenarios: a high-population- growth scenario and a low-economic-growth scenario. We provide regional highlights for areas across the country. https://assets.cmhc-schl.gc.ca/

READ MORE

🏠 Navigating Canada's Housing Challenge: The Immigration Factor 🏠

9/15/2023

Hey there, folks! Today, were diving into a hot topic - the housing crisis in Canada and how its intertwined with immigration changes. 🇨🇦 In a recent article from CMP magazine (published on September 11, 2023), we learned that Housing Minister Sean Fraser isnt ruling out changes to Canadas immigration targets to help with the ongoing housing challenges. 🤔 Canada had ambitious plans to welcome 500,000 new arrivals annually by 2025, but Fraser emphasized that any potential changes would require collaboration with other levels of government and institutions involved in housing. 🏘️ Fraser stated, We want to maintain ambition and immigration, but we want to better align our immigration policies with the absorptive capacity of communities, which includes housing, healthcare, and infrastructure. So, its about finding that sweet spot! 🎯 But heres the scoop its not just about immigration. Fraser pointed out that addressing the housing crisis means making adjustments to construction regulations and ramping up the supply of homes. 🏗️ He stressed that immigration remains a vital component of Canadas economy, saying, I think its essential that we remember that immigration remains one of Canadas strongest competitive advantages in the global economy. 🌍 Fraser also highlighted that everyone needs to pitch in to tackle this issue. Federal-level measures like home-building incentives are crucial, but its going to take a all-hands-on-deck commitment from all levels of government. 🤝 One big challenge? Housing construction hasnt kept up with Canadas growing cities and population, partly due to red tape at the municipal and provincial levels. This delay in new housing supply has pushed up prices, making housing less affordable. 📈 The federal government is taking steps, like the Rental Construction Financing Initiative and the Housing Accelerator Fund, to make strategic investments. Theyre also working closely with provincial and municipal partners to ensure all Canadians have a safe place to call home. 🏠 In conclusion, folks, the housing crisis in Canada is a complex issue that requires a multi-pronged approach. While changes to immigration targets are on the table, its just one piece of the puzzle. Collaboration, incentives, and supply are also key players in solving this housing challenge. 🧩 Stay tuned for more updates on this ongoing issue! Lets work together to make housing in Canada affordable for all. 💪 #HousingCrisis #CanadaHousing #Immigration #AffordableHousing #Collaboration #HomeSweetHome #VancouverMortgageBroker #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #BestMortgageRates #BestMortgageBroker

READ MORE

🏡 Tri-Cities Short-Term Rentals: The Latest Buzz! 🚀

9/14/2023

Hey there, everyone! Weve got some sizzling news straight from The Canadian Press, dated September 13, 2023. 🗞️ It looks like the Tri-Cities Coquitlam, Port Coquitlam, and Port Moody are witnessing a massive surge in short-term rentals, with property owners seeing an incredible 45% spike in just a single year! 😲 📊 Key Stats: In August 2022, there were 446 total listings on platforms like Airbnb and Vrbo. Fast forward to August 2023, and guess what? Were talking about a whopping 807 active listings. Thats some serious growth! Despite a brief slowdown during COVID-19, the overall rental scene has still shot up by an impressive 35% since 2018. Port Moody takes the lead with a jaw-dropping 60% increase in short-term rentals in just one year (162 listings last August), and an astonishing 84% surge since 2018. 🚀 🏘️ Impact on Housing: Now, heres the kicker: Tsur Somerville, a professor at UBCs Sauder School of Business, has raised concerns about housing. 🏠 With a vacancy rate of just 0.7% in the Tri-Cities, every home counts. Critics worry that short-term rentals are gobbling up available housing, making the rental market even tighter and sending those rent prices soaring. 📈 In fact, a study from 2020 found that around 31,000 Canadian long-term rental properties have transitioned into short-term rentals. Thats like having all vacant rental homes in some places suddenly disappear! 😱 🌟 Regulation on the Horizon: To address this, B.C. Premier David Eby is eyeing regulations for short-term rentals. The plan? Create tools for local governments to better keep tabs on the situation. 📜 Currently, most regulations fall on the shoulders of municipalities, but resources for enforcing bylaws are limited. 🏢 How Its Regulated: In Coquitlam and Port Coquitlam, short-term rentals have some limits. They must be within a portion of an existing residential unit, operated by a permanent resident, and not the entire dwelling unit. Port Moody, on the other hand, takes a more relaxed approach with no specific regulations on short-term rentals. 👮 Enforcement: Cities like Coquitlam and Port Coquitlam have seen an increase in business licenses for short-term rentals. While exact numbers on enforcement actions arent clear, theyre not shying away from fines for those operating without a license. 💰 📈 Supply and Demand: During the COVID-19 pandemic, the short-term rental game shifted from major cities like Vancouver to quieter spots like the Tri-Cities. While supply has surged over the past five years, the number of nights booked has also gone up. However, supply has outpaced demand, leading to a drop in occupancy levels. Nevertheless, occupancy rates are still higher than in the pre-pandemic era. 🤔 Is It All Bad? Well, it depends on where you stand. Somerville suggests that in less crowded suburban areas, Airbnb might not be such a bad guy. 🏙️ It can actually be quite useful. But when your vacancy rate is below 1%, its a different story. 💰 Money Talks: So, why are property owners making the switch to short-term rentals? Money, baby! 💸 Depending on the location, Airbnb rentals can be as lucrative as hotels. Plus, they arent subject to rent control. For example, a one-bedroom apartment could be rented for over $3,000 a month, but an Airbnb at $200 a night only needs 15 bookings to match that income. 📊 Lets Talk Numbers: In 2022, the average daily rate for short-term rentals was $150 in Coquitlam, $263 in Port Moody, and $137 in Port Coquitlam. The annual revenue for short-term rentals in these cities exceeds the average long-term rental prices for one-bedroom apartments. Coquitlam and Port Coquitlam are both cruising around $36,000 annually. Port Moody takes the crown with a median revenue of over $57,000, equivalent to $4,750 a month! 💰💰 🏠 So, what do you think? Is this short-term rental craze a blessing or a curse for the Tri-Cities? Let us know your thoughts! 👇 #TriCities #ShortTermRentals #HousingMarket #RealEstate #BCRegulations #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #NewWestminsterMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #PortMoodyMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #BestMortgageRates #BestMortgageBroker

READ MORE

🌟 Guarding Your Future: The Vital Role of Critical Illness Insurance in Vancouver, BC! 🌟

9/13/2023

Hello, Vancouverites! 👋 Lifes journey is an adventure full of surprises, and while our citys beauty shines, we must also be ready for lifes uncertainties. Thats where critical illness insurance steps in a real superhero 🦸♂️ ready to lend a helping hand! 🦸♀️ Lets dive into why having this insurance in our rainy city is as important as your favorite umbrella ☔️. 🩺 Prioritizing Your Health: Embracing an active lifestyle in Vancouver is a joy, but lets be real health challenges can arise when we least expect them. Think of critical illness insurance as your safety net when life throws a health curveball. Its like having that trusted friend whos got your back no matter what. 💪 🏥 Managing Medical Costs: Medical expenses can accumulate as quickly as rain on the streets of Gastown 🌊. However, with comprehensive critical illness coverage, it can help shield you from the weight of medical bills. This allows you to focus on recovery instead of stressing about finances. So go ahead and enjoy those mouthwatering Japadogs without a financial worry! 🌭💸 🌦️ Navigating Vancouvers Weather Your Health: Our citys weather can be as unpredictable as life itself. From rain-soaked streets to sunny days, we experience it all. But the daily stresses can impact your well-being. Critical illness insurance acts as a shield, ensuring youre protected even if lifes storms catch you off guard. ⛈️ 💡 Empowering Your Circle: Did you know that critical illness insurance can also provide the means for a significant other to take a leave of absence from work to be by your side? This valuable aspect allows for crucial emotional support during challenging times. 🌿 Enabling Alternative Care: Discover the flexibility that critical illness insurance offers! Beyond conventional treatments, it may even help fund alternative therapies. Whether youre exploring holistic approaches or specialized care, this coverage lets you make decisions that align with your health journey. 🌱 #InsureYourFuture #StayPrepared #VancouverInsuranceBroker #NorthVancouverInsuranceBroker #WestVancouverInsuranceBroker #BurnabyInsuranceBroker #CoquitlamInsuranceBroker #PortMoodyInsuranceBroker #SurreyInsuranceBroker #LangleyInsuranceBroker #AbbotsfordInsuranceBroker #MissionInsuranceBroker #MapleRidgeInsuranceBroker #PittMeadowsInsuranceBroker #NewWestminsterInsuranceBroker #KelownaInsuranceBroker #ChilliwackInsuranceBroker #BestInsuranceBroker 🦸♂️🏥🌟

READ MORE

"August's Jobs Report: Canada's Unemployment Rate Holds Steady While Wage Growth Shines"

9/11/2023

Greetings, job seekers and economy enthusiasts! Weve got the latest scoop for you fresh from CMP Magazines September 8, 2023 article. 🗞️ Heres the headline: Canadas unemployment rate stood firm in August, maintaining a solid 5.5%. Believe it or not, this marks the first time in three months that our jobless rate hasnt edged higher. 👏 But thats not the only exciting news. Brace yourselves because our economy flexed its muscles in a big way. 💪 In August, a whopping 40,000 new jobs blossomed, primarily in professional, scientific, and technical services. Of course, there were a few losses in education services and manufacturing, but the gains far outweighed them. 🌱📚🏭 Now for the jaw-dropping part those job gains exceeded everyones expectations. 🤯 Experts surveyed by Reuters predicted a modest 15,000 new jobs and a slight bump in the unemployment rate to 5.6%. But guess what? We crushed those forecasts! 🚀 Lets talk money. 💰 Average hourly wage growth is on an upswing yet again, with a 4.9% boost on a year-over-year basis. Sure, it dipped by 0.1% compared to the previous month, but thats just a tiny hiccup. Were still looking pretty strong. 💸💼 Now, whats the word on the street from the Bank of Canada? 🏦 Well, they decided to leave their benchmark interest rate untouched this time. But heres the kicker: theyre keeping a close watch on inflation and the job market. The next move could be just around the corner, possibly in October. 👀💼💼 BMOs chief economist, Doug Porter, weighed in on the report. According to him, this news likely doesnt move the needle much on the Bank of Canadas thinking. Its not quite enough to prompt an immediate rate hike, but its also not soft enough to rule out future increases. 📊💬 In a nutshell, Canadas job market is holding steady, and the economy is proving its resilience. 🇨🇦📈 Stay tuned for more updates, and lets remain hopeful for an even brighter job market ahead! 🌟🤞 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #BestMortgageRates #BestMortgageBroker Stay tuned for more exciting updates on the job market and mortgage-related insights! 📊🏡💼

READ MORE

🌟 Weekend Festival Extravaganza: Explore the Best of Vancouver and Beyond! 🌟

9/9/2023

Hey there, festival-goers! Looking for the scoop on this weekends festivities? Well, look no further because weve got the inside track on the hottest events happening in and around Vancouver, all courtesy of ToDoCanada. 📆 1. Light Up Chinatown 🏮 📍 500 Columbia Street, Chinatown, Vancouver 📅 September 9-10, 2023 💲 Free Admission Kick off your weekend with a burst of color and culture at Light Up Chinatown! This two-day spectacle promises live entertainment, mouthwatering food trucks, a self-guided food tour, and a mesmerizing display of lights and decorations. Dive into the vibrant atmosphere and celebrate with the community. #ChinatownLights 2. Recovery Day Festival 🌈 📍 6th Avenue and 6th Street, New Westminster 📅 September 9, 2023 💲 Free Entry Join the movement towards addiction and mental health recovery at the Recovery Day Festival in New Westminster. Its Canadas Largest Addiction and Mental Health Recovery Day Festival, and its all about celebrating hope and transformation. Lets spread love and positivity together! ❤️ #RecoveryDayBC 3. Woofstock 🐾 📍 Port Royal Park, 215 Salter Street, New Westminster 📅 September 9, 2023 💲 Completely Free Calling all dog lovers! Woofstock is here to fill your day with tail-wagging fun. Celebrate our furry companions and enjoy a pawsome time at Port Royal Park. 🐶 #WoofstockFun 4. Vancouver Latin American Film Festival 🎥 📍 Online and In-person, Vancouver 📅 September 7-17, 2023 💲 Tickets from $10 and up Prepare for a cinematic journey through Latin America and beyond. The Vancouver Latin American Film Festival spans 11 days, encouraging cultural dialogue and celebrating the artistry of Latin America, Latin-Canada, and Indigenous communities. Dont miss it! 🌎🎬 #VLAFF 5. Vancouver Fringe Festival 🎭 📍 Various Venues, Vancouver 📅 September 7-17, 2023 💲 Ticket Prices Vary Get ready for 11 days of boundary-pushing theater from performance artists worldwide. The Vancouver Fringe Festival is a celebration of creativity and innovation that you wont want to miss. 🌟 #FringeFestival 6. Dahlia Flower Festival 🌼 📍 Shangrila Farm, 13842 Spratt Road, Mission 📅 August 10 - October 10, 2023 💲 Tickets starting at $10 Nature enthusiasts, this ones for you! Explore ten acres of stunning gardens with 360-degree mountain views, dahlia flowers, handcrafted artworks, and more. Its a floral paradise waiting to be discovered. 🌸 #DahliaDelights Now, Vancouverites and festival fanatics, which event are you most excited about this weekend? Tag your festival squad, and lets make it a memorable one! 🥳 #WeekendVibes #FestivalFever #ExploreVancouver #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #PittMeadowsMortgageBroker #MapleRidgeMortgageBroker #NewWestminsterMortgageBroker #KelownaMortgageBroker #ChilliwackMortgageBroker #BestMortgageRates #BestMortgageBroker 🎉

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

9/8/2023

The Bank of Canada on Wednesday held its target for the overnight rate at 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Inflation in advanced economies has continued to come down, but with measures of core inflation still elevated, major central banks remain focused on restoring price stability. Global growth slowed in the second quarter of 2023, largely reflecting a significant deceleration in China. With ongoing weakness in the property sector undermining confidence, growth prospects in China have diminished. In the United States, growth was stronger than expected, led by robust consumer spending. In Europe, strength in the service sector supported growth, offsetting an ongoing contraction in manufacturing. Global bond yields have risen, reflecting higher real interest rates, and international oil prices are higher than was assumed in the July Monetary Policy Report (MPR). The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures. Economic growth slowed sharply in the second quarter of 2023, with output contracting by 0.2% at an annualized rate. This reflected a marked weakening in consumption growth and a decline in housing activity, as well as the impact of wildfires in many regions of the country. Household credit growth slowed as the impact of higher rates restrained spending among a wider range of borrowers. Final domestic demand grew by 1% in the second quarter, supported by government spending and a boost to business investment. The tightness in the labour market has continued to ease gradually. However, wage growth has remained around 4% to 5%. Recent CPI data indicate that inflationary pressures remain broad-based. After easing to 2.8% in June, CPI inflation moved up to 3.3% in July, averaging close to 3% in line with the Banks projection. With the recent increase in gasoline prices, CPI inflation is expected to be higher in the near term before easing again. Year-over-year and three-month measures of core inflation are now both running at about 3.5%, indicating there has been little recent downward momentum in underlying inflation. The longer high inflation persists, the greater the risk that elevated inflation becomes entrenched, making it more difficult to restore price stability. https://www.bankofcanada.ca/2023/09/fad-press-release-2023-09-06/

READ MORE

"Bank of Canada's Rate Mystery: More Hikes Ahead? 🏦💭"

9/8/2023

Hello, informed readers! 📰 This update comes from an article in CMP magazine dated September 7, 2023, regarding Canadas central bank and its recent interest rate decisions. 🇨🇦💰 In the world of finance, deciphering the subtleties of official statements is key. According to Benjamin Tal, Deputy Chief Economist at the Canadian Imperial Bank of Commerce (CIBC), theres a lot beneath the surface. As per the article, Tal suggests that the Bank of Canada is engaging in a clever linguistic dance. 🤔 They havent ruled out future rate hikes, but they havent committed to them either. Why? To send a crystal-clear message: theyre committed to tackling inflation head-on. 🎈💸 Tal deciphers this as, Were making progress, but were not out of the woods yet, so were keeping our options open. Quite the strategy, dont you think? 🕵️♂️ But heres where it gets intriguing. Tal believes that deep down, the Bank of Canada knows that the likelihood of more rate hikes is rather slim. 📉 Signs from the economy, job market, and labor negotiations point towards a slowdown. 💼📉 In other words, Tal says, theyre playing hard to get with their words. They wont admit it, but odds are theyre not planning to raise rates anytime soon. 😶 So, whats the next move for the Bank of Canada, and what should we keep an eye on? According to Tal, keep a close watch on the unemployment rate and service inflation. 🧐 If the unemployment rate stabilizes and service inflation persists, we might see a 25-basis-point hike. But heres the twist: bringing overall inflation back to the 2% target could be very difficult. Inflation rates have been all over the map, from an 8.1% spike to 2.8%, and back up to 3.3% recently. 📊📈 The Bank of Canada is concerned that if high inflation persists, it might become the new normal, making it challenging to bring prices back in line. 😨 So, there you have it, folks! The Bank of Canada is keeping us all guessing, but it seems like they might be more bark than bite when it comes to rate hikes. 🐶💬 If youre in need of mortgage advice, dont hesitate to reach out! Give me a call, and lets navigate these financial waters together. 📞 Share your thoughts on Canadas interest rate conundrum! #BankofCanada #InterestRates #EconomyTalk 📊💬 #BestMortgageRates #BestMortgageBroker #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #PortMoodyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #NewWestminsterMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker 🏠💰

READ MORE

🏡 Protecting Your Home and Family: Why Personal Term Life Insurance Beats Creditor Mortgage Insurance 💼

9/7/2023

Title: 🏡 Protecting Your Home and Family: Why Personal Term Life Insurance Beats Creditor Mortgage Insurance 💼 Hey there, savvy homeowners of Vancouver, BC! 👋 For most of us, our home is our biggest investment, and ensuring its protected for our loved ones is a top priority. But when it comes to safeguarding your familys financial future, the choice between personal term life insurance and creditor mortgage insurance can be as tough as deciding between sushi or pizza on a Friday night! 🍣🍕 Lets break it down for you in simple terms: 1. The Beneficiary: With personal term life insurance, you decide who receives the payout - your family, your partner, whoever you want to protect. 🤗 Creditor mortgage insurance, on the other hand, names your lender as the sole beneficiary. Your loved ones wont see a cent until that mortgage is paid off. 😞 2. Medical Tests: Personal term life insurance may require a medical questionnaire and exam upfront. But heres the upside: because the underwriting happens before a claim is made, you can have confidence that your provider will pay out when its needed. Creditor mortgage insurance usually skips the medical exam but can deny your claim later if you have health issues because underwriting happens after the claim. 😷 3. Portability: Imagine the flexibility of personal term life insurance that stays with you even if you move or change lenders. 🌍 Creditor mortgage insurance is as loyal as your Wi-Fi signal, tied to your home and mortgage. Change homes or lenders, and your coverage vanishes like yesterdays Snapchat story. 🏠📱 4. Coverage: With personal term life insurance, your benefit remains steady throughout the term. 📈 Creditor mortgage insurance, on the other hand, decreases as your mortgage shrinks. So, while you keep paying the same premiums, the payout gets smaller over time. 📉 5. Flexibility: Personal term life insurance offers the ultimate flexibility. The payout can be used for anything your loved ones need, from funeral expenses to college tuition to helping your spouse live comfortably. 💐🎓💰 Creditor mortgage insurance? Nope, its strictly for paying off your mortgage and nothing else. 💸 6. Expertise: When you choose personal term life insurance, you often deal with licensed insurance advisors whove aced their exams and are certified experts. Creditor mortgage insurance is typically sold through financial institutions where the staff might not be experts in insurance. 🏦😬 7. Longevity: Creditor mortgage insurance bids farewell as soon as your mortgage is paid off or if you switch lenders. 😢 Personal term life insurance, on the other hand, can often be extended or converted into another policy when your term ends, ensuring you stay protected for the long haul. 🎉 8. Cost Savings: Heres an important point! You may actually pay less with personal term life insurance. The premiums for term life insurance can be more affordable than those for creditor mortgage insurance, making it a cost-effective choice! 💰💲 In a nutshell, while creditor mortgage insurance might seem convenient, it often falls short in terms of flexibility, choice of beneficiary, long-term protection, and cost-effectiveness. Personal term life insurance offers you control, adaptability, peace of mind, and the potential for lower premiums, making it the wiser choice to protect your home and your loved ones. 🏠❤️ Dont settle for a one-size-fits-all solution when it comes to your familys financial security. Choose personal term life insurance, and youll have the power to decide how your legacy is safeguarded. 💪💼 Ready to explore your options and get a personalized quote? Call me today, and lets discuss how personal term life insurance can be tailored to your unique needs and goals. Your familys financial security is just a phone call away! ☎️📞 #VancouverInsuranceBroker #NorthVancouverInsuranceBroker #WestVancouverInsuranceBroker #CoquitlamInsuranceBroker #BurnabyInsuranceBroker #PortMoodyInsuranceBroker #SurreyInsuranceBroker #LangleyInsuranceBroker #AbbotsfordInsuranceBroker #MissionInsuranceBroker #MapleRidgeInsuranceBroker #PittMeadowsInsuranceBroker #ChilliwackInsuranceBroker #KelownaInsuranceBroker #LifeInsurance

READ MORE

Breaking News: Bank of Canada Keeps Rates Steady at 5% - What You Need to Know! 💥

9/6/2023

Hey there, folks! 🚀 Weve got some hot-off-the-press news for you. The Bank of Canada just made a big move, and its time to break it down. Get ready to dive into the financial waters and stay in the know! 💰🌊 Inflation Trends and Global Insights 🌎💹 Hold onto your hats, because inflation in advanced economies is showing some interesting twists and turns. 🎢 While its been cooling down a bit, core inflation is still hanging around the higher end of the scale. 📉 Central banks worldwide are working hard to restore price stability. Meanwhile, global growth had a rollercoaster ride in the second quarter of 2023. China took a bit of a breather, especially with some property sector blues. 🏡📉 On the flip side, the United States surprised everyone with robust consumer spending, and Europe found its groove in the service sector. 💪 Canadas Economic Pulse 🇨🇦💨 Heres the inside scoop on the Great White North: Our economy is taking a step back, but dont sweat it! This breather is exactly what we need to ease those price pressures. 🍁💨 The second quarter of 2023 saw a slight 0.2% dip in output, mainly due to slower consumption and a housing market cooldown. 🔍🏡 But guess what? Government spending and business investment are picking up the slack! 💼💰 As for the job market, its gradually loosening up, but wages are holding steady at around 4% to 5%. 💼💵 Inflation Continues to Make Waves 📊💥 Inflation is proving to be quite the showstopper! 📈 After briefly dipping to 2.8% in June, CPI inflation revved up to 3.3% in July. And with gas prices playing tricks, inflation might just stick around for a bit longer. 🚗⛽ Core inflation? Its holding its ground at about 3.5%. 🧐 Whats the Bank of Canada Cooking Up? 💼💼 Now, heres the big question: Whats the Bank of Canada up to? Theyre keeping the policy interest rate at 5% and tidying up their balance sheet. But heres the twist - theyre concerned about that persistent inflation. 🧐📉 If needed, theyre ready to crank up that policy interest rate even higher. Theyve got their eyes glued to core inflation, inflation expectations, wage growth, and how businesses set their prices. 💼👀 In a nutshell: The Bank of Canada is laser-focused on getting that 2% inflation target back on track! 🎯💵 Mark Your Calendars 📆 The next big reveal is scheduled for October 25, 2023. 🗓️ And thats when well get all the juicy details in the Monetary Policy Report. 📄 Stay in the loop, folks! 💼💸 #BreakingNews #BankofCanada #EconomicUpdate #InflationTrends #FinanceInsights #MoneyMatters #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #NewWestminsterMortgageBroker #KelownaMortgageBroker

READ MORE

📊 Weak GDP Data Suggests Bank of Canada Rate Hikes Could Be "Over and Done"! 💹🇨🇦

9/5/2023

Hello, mortgage enthusiasts! Were diving into some fresh insights from a September 2, 2023 article in CanadianMortgageTrends magazine. 📰 📉 The Lowdown: Canadas economic engine has hit a rough patch, sending ripples through the financial world. 🌊 Latest statistics reveal that in the second quarter, the real GDP took a tumble by 0.2%, far from the expected 1.2% rise. Whoa! 📉 Whats more surprising is that this slowdown falls below the Bank of Canadas prediction of 1.5% growth for both Q2 and Q3. 🏦 Douglas Porter, BMOs chief economist, put it bluntly: It looks like Canada is already having a bit of a bumpy landing. 🛬 💼 What Does It Mean: The chances of another Bank of Canada rate hike? Well, theyve dwindled faster than ice cream on a hot summer day, now down to just 15%. 📉 Most economists are on the same page, saying that todays GDP shocker will likely halt any additional rate hikes this year. 🚫💰 🧐 The Nitty-Gritty: And what about housing? Well, its not in the best shape either. Housing investment took a hit, down 2.1% quarter-over-quarter, and new construction plummeted a whopping 8.2%. 🏡 The culprit here? High interest rates seem to be the buzzkill, putting a damper on all things housing-related. 💸 But heres a silver lining: household disposable income went up by 2.6% in the quarter. Employee compensation saw a 2.2% boost, and non-farm self-employment income showed growth at 3.1%. 💰 🤓 Expert Insights: RBCs Nathan Janzen pointed out that inflation is still hanging around, but todays data suggests that the past rate hikes are doing their job in cooling down the economy. 🌡️ James Orlando from TD Economics agrees, saying this cooling off is just what the Bank of Canada has been waiting for. Theyre likely to stay on the sidelines for the rest of the year. 🏦❄️ 🏠 Housing Woes: Housing didnt escape unscathed either, as new construction activity declined in every province and territory except for Nova Scotia. Renovation activity also took a 4.3% hit. 🏗️🔧 📈 Income Boost: On the brighter side, household disposable income got a 2.6% boost, thanks to rising employee compensation and non-farm self-employment income. 💼💰 🔚 The Bottom Line: Canadas economy is facing some headwinds, and the Bank of Canada might be hitting the pause button on those interest rate hikes. Stay tuned as we navigate these financial waters! 🌊🇨🇦 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #KelownaMortgageBroker #ChilliwackMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡💸📊

READ MORE

📢 BC Premier Urges Bank of Canada to Pump the Brakes on Rate Hikes! 🚦

9/4/2023

Hey there, savvy readers! Weve got some hot-off-the-press news for you from a September 1, 2023 article in CMP Magazine. 🔥 So, heres the scoop: BC Premier David Eby isnt too thrilled about the Bank of Canadas recent rate hikes. 📈 Hes waving the red flag, urging the central bank to hit the brakes on its rate-hiking spree. 🚦 The Bank of Canadas mission was to tame the roaring inflation beast 🦁🔥, but according to Eby, they mightve missed a crucial detail the human impact. 😓💸 Eby penned a letter to BoC bigwig Tiff Macklem, emphasizing how these rate hikes are taking a toll on the everyday Canadians who are already dealing with soaring costs and debt. 💰💔 With a whopping 10 rate hikes since March 2022, the benchmark lending rate has shot up to a 22-year high of 5%. 📈💥 Eby believes this has significantly fueled Canadian inflation, and hes worried that another rate increase in September could trigger even higher mortgage rates and, you guessed it, more inflation! 🏠💣 In his plea to Governor Macklem, Eby urged him to look beyond the numbers and consider the full human impact of these rate increases. 🙏❤️ Hes basically saying, Hey, lets pump the brakes on those rate hikes and give the people a break! But thats not all! Ebys not just talking to the Bank of Canada; hes got some words for Prime Minister Justin Trudeau too. 🗣️🇨🇦 Hes calling for a more targeted strategy to tackle inflation, with a sharp focus on housing and infrastructure policies. 🏡🏗️ According to Eby, this approach would bring some long-term anti-inflationary benefits by boosting economic growth and productivity. 💪📈 In his letter to Trudeau, hes basically saying, Lets get our act together and focus on the big players in the inflation game! So, there you have it, folks! BC Premier David Eby is raising his voice for the people and urging some serious policy rethinking. 📢💡 What are your thoughts on this? Drop us a comment below and lets chat! 👇 #BCPremier #BankofCanada #RateHikes #Inflation #Trudeau #EconomicStrategy #CMPMagazine #NewsAlert 💼🇨🇦💸 #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #SurreyMortgageBroker #NewWestminsterMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🤝📊

READ MORE

🚀 Vancouver's Labour Day Weekend Music Extravaganza: Your Insider's Guide! 🎶🎉

9/2/2023

Note: The information below is based on an August 27, 2023 article from To Do Canada. Hey there, music mavens of Vancouver! 🎤🎸 Are you ready to set this Labour Day weekend on fire with a sizzling lineup of live concerts? 🍁🔥 Get ready to ignite your spirit and groove like never before as we bring you the hottest gigs straight from the stage to your heart! 🕺💃 Whether youre a dedicated fan or simply on the hunt for a good time, this is your ultimate guide to the most electrifying concerts happening from August 19 to September 3. Get ready to unleash your inner music aficionado! 🎵🤘 1. PNE Fairs Unmissable Summer Night Concerts 🌙 Hold onto your hats and mark your calendars! From August 19 to September 4, the PNE Amphitheatre will be transformed into a sensational music hub. Picture this: heart-pounding beats, exciting fair atmosphere, and the Chevrolet Stage lighting up the night with the Summer Night Concerts. And guess what? The excitement level is off the charts! 🎡🎶 Dive in with tickets ranging from $20 to $85 (+ fees) and make this Labour Day unforgettable. 🎪🎤 2. The Crystal Casino Band at Biltmore Cabaret 🎸 September 1 is the date, and Biltmore Cabaret is the place to be! 🎸🤘 Get ready for an adrenaline-fueled night as The Crystal Casino Band takes the stage with their heart-pounding melodies. Tickets are a steal at $20 (+ fees), and with support from Summerdrive, this is the kind of night thatll keep you dancing till dawn. 🎉🎵 3. Ed Sheeran: Subtract Tour at Queen Elizabeth Theatre 🎶 September 1 is the night when dreams come true at Queen Elizabeth Theatre. Brace yourselves for an evening of sheer musical magic with Ed Sheerans Subtract Tour. Tickets? Theyre your golden tickets to a world of melodies, priced between $120.5 to $155.5 (+ fees). Add in singer-songwriter Ben Kwellers vibes, and youve got a night to remember! 🌟🎤 4. Ocean Alley at Malkin Bowl 🌊 Calling all rock lovers! September 1 is about to get a whole lot groovier at Malkin Bowl. Brace yourselves for Ocean Alleys alternative psychedelic rock, straight from the heart of Australia. Dive into the music, dance under the stars, and do it all for just $40 to $45 (+ fees). 🎸🎉 5. Matt Sassari at Celebrities 🎧 Electronic beats taking over your soul? Look no further than Celebrities on September 2. Marseilles DJ and producer, Matt Sassari, is all set to electrify the night. And the best part? Tickets are only $27.21! 🎶🎧 Let the music move you. 💃🕺 6. Aegis @ 25 Live at The Centre in Vancouver 🎤 September 2 is when Filipino rock legends, Aegis, are storming The Centre in Vancouver. Rock to your hearts content for $125 to $275 (+ fees) and relive the magic of their iconic music. 🇵🇭🤘 7. Night Bass at Malkin Bowl 🕺 Love the bass? On September 2, Malkin Bowl will be the epicenter of bass music with Night Bass taking the stage. AC Slater and Bijou are bringing the house down, and tickets range from $48.5 to $68.5 (+ fees). 🎵🔊 8. Reza Bahram Live at Queen Elizabeth Theatre 🎤 Get ready for a musical journey like no other with Reza Bahram Live on September 2. Tickets are your passport, ranging from $50 to $225. Embark on a global music adventure! 🎶🌍 And there you have it, Vancouverites! Your guide to the most sensational live concerts this Labour Day weekend. 🎉🎵 From rock anthems to electronic beats, this lineup is a music lovers dream come true. Remember, this info is brought to you by To Do Canada, so you know its legit. 😉💫 Now go ahead, grab those tickets, gather your crew, and get ready to make memories thatll last a lifetime! 🎶🌟 #BestMortgageRates #BestMortgageBroker #VancouverMortgageBroker #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #NewWestminsterMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker 🎸🎉

READ MORE

Housing market stabilizing as rising interest rates weigh in July

9/1/2023

Summary On a seasonally adjusted basis, home sales decreased 0.7% from June to July, a first monthly contraction in six months following the renewed monetary tightening cycle of the Bank of Canada. On the supply side, new listings jumped 5.6% in July, a fourth consecutive monthly increase. Another sign of a loss of momentum in the real estate market is the proportion of listings cancelled during the month, which is back on the rise, a sign that some sellers are discouraged by recent interest rate hikes. Overall, active listing increased by 2.5%, the second monthly gain in a row. As a result, the number of months of inventory (active-listings to sales) increased from 3.1 in June to 3.2 in July. This continues to be higher than the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio is still tighter than its historical average in the majority of Canadian provinces, with only Manitoba indicating a ratio slightly above historical norm. Housing starts in Canada decreased in July (-28.5 to 255.0K, seasonally adjusted and annualized), beating consensus expectations calling for a 244K print. This decline follows the strongest growth ever recorded the previous month. Decreases in housing starts were seen in Ontario (-21.8K to 99.5K), British Columbia (-15.2K to 50.7K), Nova Scotia (-8.1K to 5.8K) and Saskatchewan (-1.9K to 5.3K). Meanwhile, increases were registered in Alberta (+11.9K to 38.5K), Quebec (+3.1K to 38.0K), Manitoba (+2.1K to 10K), New Brunswick (+0.6K to 5.0K), P.E.I. (+0.6K to 1.2K), while starts in Newfoundland (+0.1K to 1.1K) remained essentially unchanged. The Teranet National Bank Composite National House Price Index rose by 2.4% in July after seasonal adjustment. Eight of the 11 markets in the composite index were up during the month: Halifax (+4.9%), Hamilton (+4.4%), Vancouver (+3.9%), Toronto (+3.5%), Victoria (+1.6%), Winnipeg (+1.3%), Ottawa-Gatineau (+0.6%) and Edmonton (+0.3%). Conversely, prices fell in Quebec City (-1.2%), Montreal (-0.9%) and Calgary (-0.3%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

🏡 Get Ready for Fall: Housing Market Insights for the Rest of 2023! 🍂

9/1/2023

Hey there, homebuyers and real estate enthusiasts! 🏠 Are you curious about whats in store for the housing market for the rest of 2023? Well, weve got the scoop for you! 📰🔍 So, summer might be winding down, but dont think for a second that the housing market is following suit. According to none other than Lauren Haw, the broker of record and industry relations officer at Zoocasa, the real action is just about to begin once fall kicks in! 🍁 Despite a little dip in national home sales (0.7% monthly decline, to be exact) in July, things are looking up. That slight slowdown actually allowed new listings to catch up and return to healthier levels, as pointed out in Zoocasas recent report. 📊🏡 Lauren explains that theres a pattern to this real estate dance 💃. Spring and fall are like the two hottest seasons for home buying think of them as the MVPs of the real estate calendar! 🌷🍂 And guess what? After the summer break, buyers (yes, investors and homebuyers alike) are coming back with a fresh burst of energy and determination. 💪🌟 But heres the scoop on the sellers side of things. Lauren predicts that sellers might not be as gung-ho as the buyers. 😅 With a bit of uncertainty about interest rates and a relatively quiet summer in the media, it seems like sellers are planning to wait and see how things unfold in September. 📅🤔 Oh, and theres something else to consider: Bill C-18, also known as the Online News Act. This little game-changer might actually have a bigger impact on the housing market than youd think. This legislation could limit the information Canadians get from platforms like Facebook and Instagram. 📰❌ And less info could mean more hesitation among sellers a heads up from Zoocasa! 🚫🏠 Dont worry, though. If the demand is there, the sellers will eventually make their move, but they might want to wait until they sense that renewed interest. 😉💼 Now, lets talk about the infamous inventory challenge. Zoocasas analysis points out that even though new listings in July were catching up to 2022 levels in various markets, the inventory issue wont vanish overnight. 📈🏡 Cities with a strong student presence, like Guelph, Kitchener-Waterloo, and Kingston, are feeling the pressure due to rising immigration and more international students. 🌍🎓 And guess what can help ease this situation? Yep, you guessed it more sellers stepping back into the arena! 🌟🛍️ Laurens got some wisdom to share about this low supply situation. She believes that the ongoing scarcity of homes will keep prices stable enough to give some sellers a boost of confidence. And brace yourselves, because new listings are projected to hit their peak around October! 📈🎉 So there you have it, folks! A glimpse into whats cooking in the housing market for the remainder of 2023. 🏠📅 Remember, this insight is from an article published on August 30, 2023, in CMP magazine. Stay tuned, stay savvy, and lets see how this real estate rollercoaster unfolds! 🎢📈📉 #RealEstateBuzz #HousingMarket2023 #FallIntoHomeBuying #MarketInsights #ZoocasaMagic #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PortMoodyMortgageBroker #PittMeadowsMortgageBroker #NewWestminsterMortgageBroker #KelownaMortgageBroker #ChilliwackMortgageBroker #BestMortgageRates #BestMortgageBroker

READ MORE

🍁 Exploring Economic Trends in Canadian Provinces 📊

8/31/2023

Hey there, fellow Canadians! 🇨🇦 Lets take a deep dive into whats happening across our provinces economies, as revealed in a report by The Canadian Press on August 29, 2023. Get ready for a breakdown of how interest rates, consumer activity, and other factors are shaping up. 📰 Alberta: 🌾 Despite challenges in the agriculture industry due to dry spells, Albertas population growth is making its mark by boosting employment. The forecasted real GDP? A rise of 2.7% in 2023 and 1.9% in 2024. 💪 Prince Edward Island: 🏝️ Population growth has been a game-changer, easing labor shortages. But theres a flip sidethe housing and healthcare sectors are feeling the pinch. The good news? International travels making a comeback, helping GDP to grow by 2.6% in 2023 and 1.7% in 2024. ✈️ Manitoba: ⛏️ Minings on the rise, and the electric bus industry is revving up manufacturing. Add to that a growing population, and GDP is projected to rise by 2.5% in 2023 and 1.2% in 2024. Saskatchewan: 🌾 Impressive employment gains in transportation are giving Saskatchewan a boost. Plus, the uranium markets looking promising. With all these factors, GDP is expected to rise by 1.5% in 2023 and an additional 2.0% in 2024. 💼 Nova Scotia: 🌀 Despite grappling with natural disasters, Nova Scotias population growth and consumer spending are helping steady the ship. The forecast? GDP growth of 1.4% in 2023 and 1.0% in 2024. Ontario: ⚡ Ontarios gearing up for electric vehicle battery production. While consumer spending might ease up and mortgage rate renewals cause some concerns, GDP is predicted to increase by 1.3% in 2023 and 1.0% in 2024. New Brunswick: 🌊 Population growth is a driving force, giving a boost to various services. Look out for GDP to rise by 1.2% in 2023 and 0.6% in 2024. 📈 British Columbia: 🌲 Port strikes and wildfires have had their impact, but British Columbias GDP is still expected to increase by 1.1% in 2023 and 1.5% in 2024. Quebec: 🍁 Despite demographic challenges, Quebecs key products are in demand. The aging population is a concern, but GDP is still projected to increase by 0.8% in 2023 and 0.7% in 2024. Newfoundland and Labrador: 🚧 Construction and population growth are the highlights, but oil production constraints may slow down GDP growth in 2023. Still, a bounce-back is expected with a 1.6% increase in 2024. 🏗️ Remember, this info is straight from The Canadian Press article dated August 29, 2023. 🗓️ Stay tuned for more economic insights and trends! 🌟📊🇨🇦 #EconomicOutlook #GDPForecast #CanadianProvinces #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #CoquitlamMortgageBroker #BurnabyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PortMoodyMortgageBroker #KelownaMortgageBroker #ChilliwackMortgageBroker #BestMortgageRates #BestMortgageBroker

READ MORE

Secure Your Loved Ones' Future with Life Insurance: Passing on Wealth Simplified! 💰

8/30/2023

Hey there, awesome Vancouver residents! 🌆 Planning for the future might not be at the top of your list, but trust me, its worth a thought. Life can be unpredictable, and making sure your loved ones are taken care of when youre not around is true love in action. Thats where life insurance steps in acting like a safety net for your familys future! 💪 🎉 Passing on Wealth with Ease 🏞️ Lets dive into the details of why life insurance is more than a policy its a legacy you can leave behind. Life insurance provides your family with a substantial sum of money (yes, the big bucks!) in case of unexpected events. This financial cushion can help your loved ones: Maintain their Lifestyle 👨👩👧👦: From mortgage payments to school fees, life insurance ensures your family can continue the life youve worked hard to provide. Cover Outstanding Debts 💳: Dont let debts become a burden for your family. Life insurance can help settle outstanding loans, so your loved ones arent left with financial worries. Secure Education Goals 🎓: We all want the best for our kids. Life insurance can fund their education dreams, ensuring they can shine without fretting about tuition fees. Create an Inheritance 🏰: Want to pass on wealth to your heirs? Life insurance lets you create an inheritance for your children or grandchildren, giving them a head start towards a brighter future. 🌟 The Ripple Effect: Passing on Values 🌟 More than just finances, life insurance can also pass on your values and care for your family. Its a testament to your thoughtfulness, ensuring your familys dreams and hopes are protected. Its like a warm hug from you, even when youre not physically there. 🔒 Secure Benefits Today! 🔒 Jump on the life insurance wagon sooner rather than later! Premiums are often lower when youre younger and healthier, making it a smart move to secure your familys future today. Ready to start? Reach out to me, your friendly local insurance broker, and lets chat. Ill walk you through the options, helping you pick the best life insurance plan tailored to your unique needs. 🤝 Remember, life insurance isnt just about numbers; its about securing your familys well-being and happiness for the long haul. Give me a shout, and together, lets plan for a brighter tomorrow! 🌈💼 #SecureTheFuture #LifeInsuranceMatters #FamilyFirst #VancouverLifeInsurance #NorthVancouverLifeInsurance #WestVancouverLifeInsurance #BurnabyLifeInsurance #CoquitlamLifeInsurance #SurreyLifeInsurance #LangleyLifeInsurance #AbbotsfordLifeInsurance #MissionLifeInsurance #MapleRidgeLifeInsurance #PortMoodyLifeInsurance #KelownaLifeInsurance #ChilliwackLifeInsurance #NewWestminsterLifeInsurance

READ MORE

🏙️🌟 The Ultimate Guide for First-Time Condo Buyers in Vancouver, BC: Including the Crucial Step of Mortgage Pre-Qualification and Expert Realtor Guidance 🌟🏙️

8/29/2023

Hey there, future condo owners of Vancouver! 🎉 If youre all set to dive into the world of condo ownership in this vibrant city, hold onto your excitement weve got a guide that will not only make the journey smoother but also shed light on a crucial step: getting pre-qualified for a mortgage. 🏢💼 Lets delve into strata fees, amenities, and how mortgage pre-qualification can be your secret weapon. 🏢✨ Step 1: Envision Your Condo Oasis 🏞️ Lets kick things off by dreaming big. Do you see yourself in a cozy studio downtown or perhaps a spacious unit with breathtaking mountain views? Visualize your must-haves and nice-to-haves these will be your guiding stars as you explore the world of condos. 🌇🏢 Step 2: Master the Budget Game 💰 Numbers time! 📊 Crunch your income, expenses, and debts to find your comfort zone. This will help you set a sensible budget for your condo and give you an idea of the monthly payments you can handle. And remember those strata fees theyre a key piece of the puzzle! 📉💸 Step 3: Decode Condo Lingo 🏢 Dont let condo jargon throw you off! 🗣️ Think of owning a condo as having a slice of a larger building strata fees cover shared costs and those common areas that make condo living unique. As you venture forth, having a grip on these basics will give you a leg up. 📚🔍 Step 4: Embrace the Down Payment Adventure 🪙 Your down payment is your golden ticket! Aim for 5-20% of the condos price its a sign of your commitment and influences your mortgage terms. Start stashing those savings, and watch your condo dreams blossom! 🌱💼 Step 5: Exploring Your Condo Wonderland, With Expert Support 🌆 Nows the time to explore! 🏙️ Attend open houses, take virtual tours, and ask questions aplenty. And heres the cherry on top I have the perfect collaborator for your condo quest. Allow me to introduce you to one of the top-notch realtors on my team. Theyre more than experts; theyre your guides in this exciting journey. ☕🚴 Step 6: Transforming Your Condo Dream into Reality 💃 Found your match? Its time to make an offer and engage in the art of negotiation! 💃 But heres the kicker you wont be alone in this dance. Your chosen real estate agent, handpicked from my remarkable team, will help you craft an offer that speaks volumes. Together, well set the stage for you to secure your condo dream. 🎉📝 Step 7: Unveiling Your Condo Kingdom 🏰 Almost there! 🏁 This is where the legal enchantment happens, and your condo officially becomes your haven. With me guiding you through the mortgage paperwork, and your trusted realtor by your side, youll soon hold the keys to your own slice of Vancouver paradise. 🏙️🔑 The Power Move: Pre-Qualification and Realtor Combo 🛡️ Before you take the plunge into the condo market, consider a game-changing move: getting pre-qualified for a mortgage. And thats where I step in! As a seasoned mortgage broker in Vancouver, Im here to make pre-qualification a breeze, showing sellers you mean business and helping you grasp your budget. Oh, and did I mention? Im thrilled to connect you with one of the outstanding realtors on my team, your ultimate guide in the condo world. With our combined expertise, your condo journey will be one for the books. Ready to embark on this condo adventure with a dynamic duo? 🎓 Lets not only find you a condo but also a true place to call home. Welcome to the world of strata communities, shared amenities, and expert assistance your thrilling adventure awaits! 🏞️🏢🌆 #VancouverCondoDreams #FirstTimeCondoBuyer #MortgagePreQualification #ExpertRealtorGuidance #VancouverMortgageBroker #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #CoquitlamMortgageBroker #BurnabyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #KelownaMortgageBroker #PortMoodyMortgageBroker #ChilliwackMortgageBroker #BestMortgageRates #BestRealtors 🏙️🔑💙

READ MORE

Central Banks Gear Up for September: What to Expect for Interest Rates

8/28/2023

Hey there, savvy readers! 🌟 Its time for some exciting updates on the financial front, straight from an article published on August 25, 2023, in CMP Magazine. Get ready to dive into the world of interest rates, economic strategies, and more! 📈💰 September is shaping up to be a pivotal month for both the Canadian and US economies. 🏦🇨🇦🇺🇸 The Bank of Canada and the Federal Reserve are all set to unveil their latest decisions on interest rates, and a treasure trove of data is on the way, revealing how well each country is tackling its current economic challenges. So, whats the buzz? 🤔 It looks like both sides of the border have managed to steer clear of a major crash phew! But hold on, theres a twist: aggressive rate hikes by the Bank of Canada and the Federal Reserve might be starting to put a strain on their economic prowess. In Canada, the job market took a bit of a hit as the unemployment rate ticked up to 5.5% in July, shedding about 6,400 jobs. 📉 Whats more, recent GDP data hinted at a slowdown, with growth tapering to 1% in the second quarter of 2023. It seems consumer spending might be taking a breather. 😓 Over in the US, things are looking up with whispers of a soft landing for the economy. 🛬 But wait, theres a twist in this plot too: despite a drop in the unemployment rate, Julys job growth fell short of expectations. 📉 Its like a financial rollercoaster, isnt it? Now, lets talk about the Bank of Canada and the Federal Reserve potentially moving in different directions when it comes to interest rates. 🔄 As spring rolled around this year, there was quite the chatter about what might happen if the Bank of Canada hit the brakes on increasing rates while the Federal Reserve kept charging ahead. 🚗💨 Surprise surprise, the Bank of Canada did a little rate-hike dance in June and July, driven by persistent inflation and a bustling housing market. That leaves us with a record-setting benchmark rate of 5.0%! 💼🏠 Meanwhile, the Federal Reserves rate strategy is still under close scrutiny. The gap between the two might be noticeable for now, but experts dont foresee a dramatic divergence in the near future. 📊📉 Picture this: Mr. Tiff Macklem, Governor of the Bank of Canada, would probably love to have his own economic island. 🏝️ But the reality is, Canadas economy has quite the connection with its American counterpart. 🌍 So, you can bet that the Bank of Canada is keeping a close eye on the Federal Reserves moves. As of now, the Feds funds rate is slightly higher than the Bank rate, but no major surprises are on the horizon. Both banks seem to be on a steady course like two ships sailing in the same financial waters. ⛵💰 Now, lets chat about inflation. 📈 Both the Bank of Canada and the Federal Reserve have their eyes on a 2% inflation target. Even though the consumer price index has eased up in both countries over the past year, both banks are still considering more rate hikes. Some folks are wondering if 2% might be a tad too low. 🤔 But according to experts, now might not be the best time to shake things up. Think of it this way: 2% is like a global financial handshake, agreed upon by big players like the European Central Bank and the Fed. 🤝 So, its probably not the moment to start rewriting the rulebook. Lets focus on hitting that 2% target and keeping it steady for a bit before sparking a debate. ⏳ And there you have it, folks! Your update on the financial arena as of August 25, 2023. Stay tuned for more exciting twists and turns in the world of interest rates and economic strategies. 📰💼 Dont forget to check out the hashtags below for more insights and the best mortgage rates in town! 🏡💸 #VancouverMortgageBroker #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #BurnabyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #KelownaMortgageBroker #ChilliwackMortgageBroker #BestMortgageRates 🏠📊💲

READ MORE

🌟 Your Ultimate Guide to an Incredible Weekend in Vancouver: August 25 to 27 🌟

8/26/2023

Hey there, Vancouverites! The last weekend of August is upon us, and weve got the inside scoop on the most exhilarating events happening around town. From music festivals to sports showdowns, heres your curated list of must-attend happenings: Monstercat Compound 🎶 Let loose at the sixth annual Monstercat Compound on August 26! This Railtown outdoor block party boasts live performances, interactive experiences, and top-tier headliners like Crankdat, Blanke, and Nostalgix. Secure your spot with a free RSVP or snag VIP passes online. 🎉🕒 2-9 pm 📍 Railtown, Vancouver Vancouver Canadians Baseball Game ⚾ Calling all baseball aficionados! Join the Vancouver Canadians as they face off against the Spokane Indians from August 22 to 27. Expect exciting theme nights, ballpark favorites, and thrilling on-field action. 🍔⚾ Check the schedule for themed events! 🕒 Various game times 📍 Nat Bailey Stadium Dino Archies Lit In Real Life Comedy Show 🤣 Get ready for a night of uproarious laughter on August 26! Dino Archies Lit In Real Life features a stellar lineup of Canadas comedic talents, including stars from Jimmy Kimmel Live and Just For Laughs. 🎤🍻 Doors open at 6:30 pm, show at 7:30 pm 📍 Biltmore Cabaret BC Lions vs Hamilton Tiger-Cats 🏈 Its game time! Rally behind the BC Lions as they battle the Hamilton Tiger-Cats on August 26 at BC Place. 🦁 Kickoff at 4 pm 📍 BC Place Granville Block Party 🎉 Let loose at the Granville Block Party on August 26-27! This pedestrian-only extravaganza will feature live music, market vendors, art demos, workshops, and non-stop dancing. Groove to headliners like The Boom Booms and Public Disco. 🎶💃 Time: 1-7 pm 📍 Granville Entertainment District Neighbourhood Patio at Bentall Centre 🍹 Chill out at the Neighbourhood Patio pop-up at Bentall Centre every Thursday and Friday until August 25. Enjoy live music, art, dance nights, pop-up markets, and refreshing sips and snacks in the heart of the city. 🎶🍷 Time: 3-9 pm 📍 The Breezeway at Bentall Centre Flats Fest 🎸 Music lovers, unite! Flats Fest, presented by Low Tide Properties, is your go-to family-friendly event on August 26. Revel in live performances, an artisan market, character appearances for the kids, and tantalizing treats from food trucks. 🎤🎨 Time: 2-6 pm 📍 565 Great Northern Way Dantor Olas Altas Concert 🎵 Embark on a musical journey with Dantor on August 24-25 as they bring Olas Altas to life. Immerse yourself in their fusion of Latin jazz, Mexican melodies, and world music. 🎸 Time: 7:30 pm 📍 The Cultch, Historic Theatre Summer Nights at Southlands 🌞 Dive into Summer Nights at Southlands on August 26! Discover local vendors, street entertainment, food trucks, and more. Savor craft brews at the beer garden or explore the farmers market for fresh, locally sourced goodies. 🍻🍅 Time: 4-9 pm 📍 Market Square, Southlands Grouse Grind Mountain Run 2023 🏃♂️ Ready for a challenge? Conquer the Grouse Grind Mountain Run on August 26, a thrilling uphill race for adventurers of all ages. Cash prizes await the winners of this nature-infused stair-climbing experience. 🌲⛰️ Time: 8 am - 11:45 am 📍 Grouse Mountain Farewell to Summer Fireworks Festival 🎆 Bid adieu to summer with a spectacular bang at the Farewell to Summer Fireworks Festival on August 26. Enjoy a day packed with activities, entertainment, and a dazzling fireworks display after dark. 🎇🎡 Time: 11 am - 9:30 pm 📍 Westminster Quay, New Westminster Vance Joy Concert 🎤 Music enthusiasts, dont miss Vance Joys performance at Deer Lake Park on August 25. Sing along to chart-toppers like Riptide and bask in the musical magic. 🎶🎸 Time: 5 pm 📍 Deer Lake Park Richmond Maritime Festival 🚢 Set sail for the Richmond Maritime Festival on August 26-27 at Britannia Shipyards. Immerse yourself in live entertainment, heritage boats, artisan vendors, and captivating maritime history. ⚓🎉 Time: 11 am - 6 pm 📍 Britannia Shipyards Live Music Happy Hour at 1931 Gallery Bistro 🎼 Elevate your dining experience at 1931 Gallery Bistro with live jazz performances every Tuesday, Thursday, and Saturday during their extended happy hour. Savor delectable food, soak in the city views, and embrace the enchanting ambiance. 🎷🍽️ Time: 5-8 pm (Tues, Thurs, Sat) 📍 1931 Gallery Bistro, Vancouver Art Gallery Dragon Ball Symphonic Adventure 🐉🎻 Embark on a symphonic journey through the world of Dragon Ball on August 25. Revel in orchestral renditions of iconic music and relive cherished storylines in HD on a colossal screen. 🎬🎵 Time: 7:30 pm 📍 The Orpheum 📝 Note: This electrifying weekend guide is based on an article published on August 24, 2023, in Daily Hive. Please double-check event details, timings, and locations for the latest updates. Make the most of your weekend and explore the exciting world of mortgages with expert brokers in Vancouver and beyond: #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #KelownaMortgageBroker #ChilliwackMortgageBroker #BestMortgageRates 🏞️📆 #VancouverWeekend #StayInformed

READ MORE

Canada: Spectacular jump in house prices in July

8/25/2023

Following the recovery of the residential real estate market in recent months, the Teranet-National Bank composite index jumped by 2.4% from June to July, the fourth consecutive monthly increase, but also the second highest price increase ever recorded in a single month after the one observed in July 2006. After a cumulative decline of 8.6% since peaking in April 2022, recent rises in the composite index have erased a part of this correction, which now stands at just 3.8%. Interestingly, the recent upturn in prices has been greatest in the cities that have seen the biggest corrections. However, only four of the 32 CMAs covered have completely erased their price declines: Saint John, Lethbridge, Quebec City and Trois-Rivires. Prices could continue to rise in the third quarter, supported by strong demographic growth and the lack of supply of properties on the market. That said, the deterioration in affordability with recent interest rate hikes in a less buoyant economic context should represent a headwind for house prices thereafter. HIGHLIGHTS: The Teranet National Bank Composite National House Price IndexTM rose by 2.4% in July after seasonal adjustment. After seasonal adjustment, 8 of the 11 markets in the composite index were up during the month: Halifax (+4.9%), Hamilton (+4.4%), Vancouver (+3.9%), Toronto (+3.5%), Victoria (+1.6%), Winnipeg (+1.3%), Ottawa-Gatineau (+0.6%) and Edmonton (+0.3%). Conversely, prices fell in Quebec City (-1.2%), Montreal (-0.9%) and Calgary (-0.3%). From July 2022 to July 2023, the composite index fell by 1.9%, a smaller contraction than in the previous month. Price increases in Calgary (+3.3%), Halifax (+2.1%) and Quebec City (+1.1%) were more than offset by declines in Edmonton (-0.1%), Vancouver (-0.6%), Toronto (-2.1%), Montreal (-2.6%), Victoria (-2.7%), Winnipeg (-5.2%), Ottawa-Gatineau (-5.4%) and Hamilton (-7.9%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

🏠 Locking in Rates: Are Borrowers Missing Out? 📉

8/25/2023

Hey there, savvy borrowers! 📊 Ready to dive into the world of mortgages and rate predictions? Lets chat about whats happening in the market and how it could affect your borrowing decisions. 💰 According to the latest scoop from National Bank Financials Daren King, a jaw-dropping 95% of borrowers chose the fixed-rate route for their mortgages in June. 🏦 Thats a massive shift from the not-so-distant 2022 when only 43% were onboard with fixed rates. Talk about a significant turnaround! 😲 But hold up, theres a twistthis trend is holding strong even with rumors of potential rate cuts in the air. 📈 Now, the big question: are borrowers missing out on a golden opportunity for rate cuts? 🚢 Not so fast, says King. The days of locking in those traditional five-year terms are fading away, with only a mere 13% opting for that. Instead, a majority (about 55%) are leaning toward three- and four-year terms. Smart move? 🔄 You bet! This strategy might position them perfectly for renewals with potentially lower rates in the future. 💼 Why the change in tactics? King suggests borrowers are aiming for that sweet spotterms that offer manageable payments and smoother qualification processes. Because who doesnt want a bit of financial wiggle room, right? 💸 Its like theyre playing chess, anticipating rate drops without committing for too long. Clever, right? 😉 Speaking of rate cuts, the crystal ball gazers in the bond market are tossing around a 30% chance of the Bank of Canada slicing rates by March 2024. But, as weve learned, economic data can pull a plot twist! 📉 So, keep those fingers crossed and stay tuned for updates. And guess what? The big banks are in on the action too! 🏦 Most of them predict that the Bank of Canadas overnight target rate (currently hanging out at 5.00%) will take a dip, likely landing somewhere between 3.50% and 4% by the close of 2024. 🗓️ So, the real question: to lock or not to lock? So, mortgage warriors, whether youre gung-ho about fixed rates or excited about potential cuts, its clear that borrowers are making strategic moves in the mortgage realm. 🏡 No matter your decision, stay informed and keep an eagle eye on those rates. Who knows what financial surprises are waiting just around the corner? 🎲 Note: The insights shared in this blog post are based on a fantastic August 23, 2023 article from Canadian Mortgage Trends magazine. Stay in the loop, folks! 👓 #MortgageMania #RateRundown #FinancialFlexibility #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #PortMoodyMortgageBroker #BestMortgageRates 🏦💼📈

READ MORE

🏠📈 Navigating Mortgage Rates: Unveiling the Latest from VERICO Pipeline Mortgage (Paragon) 📊🔍

8/24/2023

Are you in the market for a new home or contemplating a refinance? Staying up-to-date with mortgage interest rates is paramount! 🏡💰 Lets dive into the most recent rates provided by VERICO Pipeline Mortgage as of August 24, 2023. 🗓️ Join us as we compare these rates with other mortgage lenders and guide you through the options. 💼📊 📊 Mortgage Rates Unveiled: Posted vs. Verico Rate Explore how VERICO Pipeline Mortgage (Paragon) stands out in terms of mortgage rates: 6 months: Posted Rate - 7.69%, Verico Rate - 7.29% 1 year: Posted Rate - 7.59%, Verico Rate - 6.44% 2 years: Posted Rate - 7.14%, Verico Rate - 6.24% 3 years: Posted Rate - 6.94%, Verico Rate - 5.99% 4 years: Posted Rate - 6.79%, Verico Rate - 5.69% 5 years: Posted Rate - 6.84%, Verico Rate - 5.49% 7 years: Posted Rate - 7.10%, Verico Rate - 6.24% 10 years: Posted Rate - 7.25%, Verico Rate - 6.29% Prime Rate: 7.20% Verico Variable Rate: 6.30% 📈 Choosing Your Path: Locked In or Variable? VERICO Pipeline Mortgage (Paragon) understands your unique financial needs, offering both fixed and variable rates. Whether you value the stability of a fixed rate or the flexibility of a variable rate, weve got you covered. 🔄🔒 🔍 The Broker Advantage: Why Choose VERICO? Curious about the benefits of working with a mortgage broker versus a traditional bank? 🤔💼 A mortgage broker like VERICO can provide you access to a diverse range of mortgage options from various lenders. This ensures you find the best possible fit for your financial situation. Plus, youll receive personalized guidance throughout the mortgage process, making your journey smoother and stress-free. 🏦🔑 📣 Discover Our Mortgage Solutions At VERICO Pipeline Mortgage (Paragon), were here to assist you with a wide range of mortgage needs, including new home purchases, refinances, investment properties, vacation homes, and second homes. Our tailored solutions are designed to match your unique requirements. 🏠📊 🔐 Securing Your Dream Home with VERICO Pipeline Mortgage (Paragon) Are you ready to embark on your journey to homeownership or explore refinancing possibilities? Lets work together to turn your dreams into reality! 💭🏠 Reach out to us today to discuss your individual situation and secure the optimal rate for your needs. Please note that posted rates are based on the TD Bank posted rate. #MortgageRates #BestMortgageRates #HomeownershipDreams #RefinanceGoals #VericoPipelineMortgage #MortgageBrokerAdvantage #DanPennerMortgages #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #VancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #PortMoodyMortgageBroker #YourDreamHomeAwaits 🏡🔑📊

READ MORE

🏠📉 Home Prices in Toronto and Vancouver: A Closer Look at the Numbers 📊🏙️

8/23/2023

Hey there, savvy homeowners and future real estate moguls! 🏡✨ Were diving into the latest scoop on detached home prices in the bustling cities of Toronto and Vancouver. 🌆🇨🇦 In the recently released Hot Pocket Communities Report by RE/MAX, it seems like the real estate market has been playing a bit of a seesaw game. 🎢 Prices for detached homes in around 93% of neighborhoods analyzed took a dip during the first half of 2023 compared to last year. Whoa! 😲 But before you whip out your calculators, lets break down the details. 📊 The Numbers Game 📊 In the wild world of real estate, numbers dont always tell the full story. 📚 The report highlighted that prices went down by as little as 1.5% in West Vancouver and soared to an eye-popping 25.6% in the Toronto exurb of Brock. Anxious homebuyers smelled opportunity and pounced on it in the second quarter of the year, according to Christopher Alexander, prez of RE/MAX Canada. 🚀 💰 The Long-Term Lens 💰 Okay, buckle up because this rollercoaster isnt over yet. While prices mightve taken a dip recently, historical data from RE/MAX showed something pretty interesting. 📜 The price drops might not be as steep as they seem. Even with these declines, prices are still holding their groundsometimes even higher than pre-pandemic levels. For example, in the Don Valley Village and Henry Farm neighborhoods in Toronto, prices went down by 10.8% in 2023. But guess what? In the previous year, they had soared by a whopping 17.4%! 📈 Its like the market is doing the cha-cha slide. 🛠️ The Supply and Demand Tango 🛠️ Now, lets talk about the big dance between supply and demand. RE/MAX pointed its finger at the housing supply situation as the main culprit for affordability woes. 🕺 They noted that a bunch of neighborhoods faced inventory shortages, with new listings dropping by nearly 43% and 23% in the Gulf Islands and Whistler/Pemberton, respectively. 📉📉 So whys that happening? Builders are tapping the brakes on new construction due to higher interest rates, inflation, and all-around uncertainty. 🏗️ Buyers are also hanging onto their current digs unless theyre absolutely forced to move. This chicken-and-egg situation results in lower inventory and a cycle thats tough to break. 🥚🐔 🔮 Looking into the Crystal Ball 🔮 What does the future hold for the housing market? Well, with interest rates doing the hokey pokey at historic highs, things might stay a bit subdued through winter. 🌨️❄️ But hold onto your hard hats, because experts like Elton Ash are predicting a potential repeat of 2023s market conditions come spring. Assuming interest rates behave and the Bank of Canada plays nice, we might see pent-up demand and higher buyer confidence returning to the scene. 🌼✨ This could spell higher prices overall, especially if builders dont rev up their engineswhatever they start this year wont be ready for quite some time. 🗞️ Note: The insights provided in this blog post are based on an August 22, 2023 article in Canadian Mortgage Trends magazine. Stay informed and stay tuned! 💼 🏷️ #vancouvermortgagebroker #northvancouvermortgagebroker #westvancouvermortgagebroker #coquitlammortgagebroker #burnabymortgagebroker #surreymortgagebroker #langleymortgagebroker #abbotsfordmortgagebroker #missionmortgagebroker #mapleridgemortgagebroker #portmoodymortgagebroker #kelownamortgagebroker #bestmortgagerates 🏷️

READ MORE

🏠 Cracking the Code of Canada's Housing Puzzle: Can We Build Faster? 🚀

8/22/2023

Greetings, housing aficionados! 🏡 Lets unravel the captivating tale of Canadas housing market. 🇨🇦 The national housing agency is sounding the alarm, stating the need for millions of homes within a decade to restore equilibrium. Yet, even theyre casting a skeptical glance at their own targets. 🎯 Imagine this: In the previous year, the Canada Mortgage and Housing Corp. (CMHC) made a bombshell announcement wed require a staggering 5.8 million homes by 2030 to rekindle housing affordability. However, theres a hitch! Our current housing construction pace resembles a slow-motion video stuck on rewind 🔄 not exactly promising. If things continue this way, were only on track for 2.3 million homes. Ouch! And then, the plot thickens unexpectedly as the CMHC drops another bombshell. Housing construction starts plunged 📉 by 10% in July compared to the enthusiastic June. Can we catch a break here? Aled ab Iorwerth, the CMHCs deputy chief economist, delivers some frank talk. He conceded that theyre now projecting even fewer homes to be constructed by 2030. Major bummer! ☹️ But whats simmering in the cauldron of housing hiccups? 🤔 Brace yourselves for the antagonists: sky-high interest rates, labor shortages, and outdated building techniques. Its no wonder were feeling stuck in quicksand. Fear not, though! The cavalry of experts has arrived, rallying behind the innovation banner and urging the government to be the MVP 🏆 in the housing arena. A recent report suggests a powerhouse collaboration of public and private builders, investors, and labor groups to team up for a housing strategy that could shake things up! 🏗️ Speaking of labor, a workforce crunch is on the horizon. Around 20% of construction workers are gearing up for retirement in the next 10 years. 🛠️ But theres a glimmer of hope immigration. 🛬 The governments immigration plan aims to welcome half a million newcomers annually by 2025. And guess whos first in line? Skilled trade workers! 🚂 Time to roll out the red carpet for productivity enhancements! ⚙️ Housing wizards are buzzing about modular home building think building blocks, but on a grand scale! 🧱 If the government gives a thumbs-up to financial incentives (hello, tax credits!), these innovations could easily become the new norm. But lets be real, folks. We cant keep trodding the same path and expect fireworks. Just ask Mike Moffatt, a housing guru, who loves to share insights. He points out that his dads gig as a sheet metal worker has hardly changed since the 1960s. So, are you ready for the upgrade? 🚀 The governments feeling the heat 🔥 to address the housing puzzle. Theyre all ears for suggestions, collaborating with industry experts, and gearing up for fresh strategies. The Canadian Home Builders Association is brainstorming mode, offering insights on how to spark the revolution. Alright, fellow housing enthusiasts, thats the scoop on Canadas housing whirlwind. 🏘️ Stay tuned for more updates as we set forth on the journey to transform dream homes into reality! 💪🏠 #HomeSweetHome #HousingRevolution #BuildingOurFuture Note: This revamped post is inspired by The Canadian Press article dated August 21, 2023. Keep an eye out for more updates on the housing front! 📰📅 #VancouverMortgageBroker #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #LangleyMortgageBroker #SurreyMortgageBroker #BurnabyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #BestMortgageRates

READ MORE

Safeguard Your Home and Health: The Vital Role of Critical Illness Insurance for Your Mortgage 🏠💔

8/21/2023

🌦️ Life is full of uncertainties, and health challenges can emerge when least expected. Imagine facing a serious illness while shouldering the responsibilities of a mortgage. The financial strain could be overwhelming, jeopardizing your home and wellbeing. 💡 Critical illness insurance acts as a safety net, providing you with a lump sum payout if youre diagnosed with a covered illness, enabling you to focus on recovery without the added stress of mortgage payments. The Mortgage Connection: 🏡 Your mortgage is likely the largest financial commitment youll ever make. Its the cornerstone of your homes stability and your familys security. Yet, an unexpected critical illness could disrupt your ability to make payments. With critical illness insurance, you can maintain your mortgage obligations even if youre unable to work due to illness, ensuring your home remains a place of comfort and stability. Protecting Your Loved Ones: ❤️ Your loved ones depend on you, and your mortgage might be a shared responsibility. Critical illness insurance isnt just about you its about providing peace of mind to your family during challenging times. With the financial support it offers, your family can stay focused on what truly matters: your recovery and well-being. Tailored Coverage for Your Needs: 📋 One size doesnt fit all, and thats why critical illness insurance offers customizable coverage options. You can select coverage that aligns with your mortgage amount, ensuring that you have adequate protection should the unexpected occur. This tailored approach lets you address your unique circumstances and financial goals. Final Thoughts: 💭 As a Vancouver homeowner, securing your home and health is paramount. Critical illness insurance provides the necessary buffer to keep your mortgage payments on track while you navigate health challenges. Dont wait until its too late take proactive steps to protect your home and loved ones today. Remember, youre not alone in this journey. Call me to get a quote and discuss the best options for you. 🌈🏠 🔗 Hashtags: #CriticalIllnessInsurance #MortgageProtection #HomeAndHealth #VancouverHomeowners #FinancialSecurity #PeaceOfMind #InsuranceCoverage #StayProtected #SecureYourFuture #VancouverMortgageBroker #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #CoquitlamMortgageBroker #BurnabyMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #NewWestminsterMortgageBroker #VancouverInsuranceBroker #NorthVancouverInsuranceBroker #WestVancouverInsuranceBroker #BurnabyInsuranceBroker #LangleyInsuranceBroker #CoquitlamInsuranceBroker #AbbotsfordInsuranceBroker #MissionInsuranceBroker #PortMoodyInsuranceBroker

READ MORE

🌟 Unleash the Ultimate Weekend Odyssey in Vancouver! Get Ready to Dive into a Sea of Excitement! 🌟

8/19/2023

Hold onto your hats and buckle up, because Vancouver is about to take your weekend to a whole new stratosphere! 🚀 From August 18 to 20, the city is transforming into an electrifying playground of epic proportions, boasting an awe-inspiring lineup of 15 mind-blowing events thatll make your heart race, your taste buds tingle, and your senses come alive! 🎉🎆 1. PNE Fair Summer Night Concerts 🎸 Prepare to be blown away by the PNE Fair Summer Night Concerts, where legendary artists like TLC, Billy Talent, Aqua, and Jason Derulo will set the stage on fire from August 19 to September 4! This is your golden ticket to an unforgettable musical journey at 2901 E Hastings Street, Vancouver. 🎤🎶 #PNEFairConcerts 2. The Big Bounce Canada 🏰 Calling all thrill-seekers! Get ready to bounce like never before at The Big Bounce Canada, the worlds largest bouncy castle extravaganza! Moon crater ball pits, high-flying sports arenas, and non-stop laughter await you at Cloverdale Rodeo from August 18 to September 4. Its a gravity-defying adventure you wont want to miss at 6050 176th Street, Surrey. 🤸♂️🎉 #BigBounceThrills 3. Monsoon Festival of Performing Arts 🎭 Elevate your weekend with the Monsoon Festival of Performing Arts, a whirlwind of theatrical brilliance, dance spectacles, live podcast recordings, workshops, and an art marketplace thats pure magic! The festivities continue to amaze from August 17 to 31 at various captivating locations. Get ready to be swept off your feet! 🌟🎭 #MonsoonMagic 4. Battle of the Brews 🍻 Raise your glasses and let the beer battle begin at the Battle of the Brews, a sudsy showdown presented by Surrey Fire Fighters Charitable Society and 93.7 JR Country. Indulge in beer samples, enjoy a live concert, and dive into food truck delights at Civic Plaza, City Hall on August 19. Cheers to an unforgettable day of fun! 🍺🎸 #BeerFrenzy 5. Freshco Richmond Dragon Festival 🐉 Unleash your inner dragon at the Freshco Richmond Dragon Festival, home to BCs largest dragon boat races! Dive into a sea of live entertainment, artisan treasures, foodie delights, and a massive outdoor patio on August 19. Immerse yourself in the thrill at Imperial Landing Park Richmond. 🚣♀️🐲 #DragonAdventures 6. Railtown Tailgate BBQ 🍔 Prepare to embark on a mouthwatering journey at the Railtown Tailgate BBQ! Get ready to feast on slow-smoked brisket, beer-brined chicken, and Jalapeo Corn Bread thatll have your taste buds dancing with joy. Its a culinary extravaganza on August 20 at Boxcar Patio. Bring your appetite and your sense of flavor! 🍖🔥 #BBQBliss 7. Untoxicated at New West Pride 🌈 Get ready to sashay and slay at Untoxicated 2023, the ultimate pride party presented by LastDoorRecovery! Witness the legendary Mont X Change and Jaida Essence Hall, along with a dazzling lineup of drag performers, all in the heart of New Westminster on August 19. Its a pride celebration like no other! 💃🏳️🌈 #UntoxicatedPride 8. The Irish Fusion Festival ☘️ Embark on a cultural journey at The Irish Fusion Festival, where live music, dance performances, and family-friendly entertainment collide! The fusion of Irish traditions and modern vibes will captivate you on August 18 and 19. Its a celebration thatll have your heart dancing to the rhythm of the Emerald Isle! 🎶🍀 #IrishFusionMagic 9. Meowfest 2023 😻 Calling all cat lovers! Prepare for a purr-tastic paradise at Meowfest 2023, a full-day festival dedicated to feline fandom. From a feline librawry to cat costume contests and speed dating for cat enthusiasts, Rocky Mountaineer Station is the place to be on August 19. Get ready to unleash your inner cat lover! 🐾🐱 #MeowfestMania 10. Downtown Port Coquitlam Car Show 🚗 Rev up your engines for the Downtown Port Coquitlam Car Show, a turbo-charged extravaganza thatll have your heart racing! Cruise through the streets with participating vehicles, catch the Car Cruise on Saturday night, and indulge in a dazzling car show on August 20. Get ready to be swept away by automotive splendor! 🚘🏁 #PoCoCarShowRides 11. Crave the Heights 2023 🍽️ Get ready to embark on a culinary escapade at Crave the Heights 2023! Dive into a gastronomic adventure where Burnaby Heights restaurants will delight your taste buds with special menus, drink features, and desserts that are pure artistry. From August 18 to 27, its a feast for the senses! 🍔🍷 #CraveTheHeights 12. Ambleside Music Festival 🎵 Prepare to be serenaded by music legends at the Ambleside Music Festival! Weezer, Third Eye Blind, Finger Eleven, Said the Whale, and more will have you singing and dancing under the open sky on August 19 and 20. With craft beer, wine tastings, and a vibrant atmosphere, its the ultimate music fiesta! 🎶🎸 #AmblesideGrooves 13. The Richmond Garlic Festival 🧄 Step into a garlicky paradise at the Richmond Garlic Festival! Live entertainment, bird-of-prey flying demonstrations, a farmers market bursting with flavors, and food trucks thatll make your taste buds do the tango await you on August 20. Get ready to savor the pungent pleasures! 🎉🧄 #GarlicFestDelights 14. Chilliwack Flight Fest Airshow ✈️ Prepare for a sky-high spectacle at the Chilliwack Flight Fest Airshow! Ground displays, community booths, a kids zone, and a jaw-dropping air show featuring a fleet of planes will have you gazing upwards in awe on August 20 at Chilliwack Airport. Its an aviation adventure thatll take your breath away! 🛩️👀 #SkyHighThrills 15. Anirevo Summer 2023 🎥 Calling all anime enthusiasts! Immerse yourself in the enchanting world of Japanese pop culture at Anirevo Summer 2023. With special guests, captivating activities, and a vibrant vendor hall, the Vancouver Convention Centre is your portal to anime wonderland from August 18 to 20. Let the anime magic ignite your imagination! 🎮🎊 #AnirevoAdventure Buckle up, Vancouver adventurers! 🌆 Your weekend journey of epic proportions awaits. Dont forget to check the official event websites for tickets, details, and any COVID-19 guidelines. Capture every thrilling moment and share your excitement using the event hashtags! 📸🎉 #VancouverWeekendOdyssey #EpicVancouverEvents #UnleashTheThrills For more details and the full list of events, check out the original article here.

READ MORE

🏡🔑 6 Electrifying Reasons to Choose My Network of Realtors for Your Vancouver BC Real Estate Dreams! 🏡🔑

8/18/2023

Ready to dive headfirst into the pulse-pounding world of Vancouver BC real estate? Brace yourself for an exhilarating ride with my crack team of real estate virtuosos! Theyre not just realtors; theyre your personal guides to a real estate adventure thatll leave you breathless. From breathtaking views to jaw-dropping deals, weve got it all covered. Lets kick-start your journey to real estate stardom! 🌟 Hold onto your seat as we present six heart-racing reasons why my network of realtors is your ultimate ticket to real estate triumph: Local Legends 🗺️: Ever tried navigating a maze blindfolded? Neither have we, because my realtors know the Vancouver real estate scene like the back of their hand. Theyre not just pros; theyre neighborhood ninjas wholl lead you to hidden gems and the hottest properties in town. Tailored Magic 🛠️: Your real estate dreams, my command! My realtors are the wizards of customization, conjuring up tailored solutions that fit your wildest desires. Looking for a penthouse with a personal helipad? Or maybe a cozy cottage with a secret garden? Abracadabra theyve got you covered! Marketing Wizards 🤝: My realtors dont just stop at opening doors; theyve got an entire realm of marketing magic at their fingertips. From captivating listings to dazzling presentations, theyve summoned an army of marketing experts to ensure your property stands out in the crowd. Negotiation Ninjas 💼: Picture this: a high-stakes negotiation showdown where my realtors wield their negotiation nunchucks with finesse. Theyll secure the deals youve only dreamed of, leaving you wondering if you just witnessed real estate magic. Transaction Thrills 📜: Say goodbye to paperwork pandemonium! My realtors are the choreographers of seamless transactions, making sure the performance is flawless from start to finish. Sit back, relax, and enjoy the show theyve got it all under control. Track Record Triumphs 📈: Results, baby! My realtors have notched up a jaw-dropping track record of successful deals and clients who cant stop singing their praises. Theyre not just agents; theyre real estate rock stars, and youre about to be their biggest fan. Buckle up, because your Vancouver BC real estate journey is about to hit warp speed. My network of realtors is your backstage pass to a real estate extravaganza thats anything but ordinary. Say hello to your dream home or wave goodbye to your property woes its all within reach. Ready to turn those dreams into reality? Reach out today, and lets set off on a real estate adventure thatll have your heart racing and your dreams soaring! 🚀🌆 #VancouverRealEstate #RealtorsExtraordinaire #PropertyPassion #RealEstateAdventures #DreamHomeMagic #BuySellConquer #ExpertGuidanceUnleashed #VancouverMortgageBroker #WestVancouverMortgageBroker #CoquitlamMortgageBroker #NorthVancouverMortgageBroker #LangleyMortgageBroker #SurreyMortgageBroker #PortMoodyMortgageBroker #MapleRidgeMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #BestMortgageRates #VancouverRealtor #NorthVancouverRealtor #WestVancouverRealtor #CoquitlamRealtor #BurnabyRealtor #LangleyRealtor #SurreyRealtor #PortMoodyRealtor #MapleRidgeRealtor #AbbotsfordRealtor #MissionRealtor

READ MORE

🏠📈 Exploring Mortgage Rates: Unveiling Verico Pipeline Mortgage (Paragon) 📊🔍

8/17/2023

Are you on the hunt for a new home or considering refinancing? Staying informed about mortgage interest rates is crucial! 🏡💰 Lets delve into the latest rates offered by Verico Pipeline Mortgage (Paragon) as of August 17, 2023. 🗓️ Join us as we compare these rates against other lenders and guide you through the options. 💼📊 📊 Mortgage Rates Comparison: Posted vs. Verico Rate See how Verico Pipeline Mortgage (Paragon) stacks up against the competition when it comes to mortgage rates: 6 months: Posted Rate - 7.49%, Verico Rate - 6.94% 1 year: Posted Rate - 7.39%, Verico Rate - 6.44% 2 years: Posted Rate - 6.94%, Verico Rate - 6.09% 3 years: Posted Rate - 6.74%, Verico Rate - 5.94% 4 years: Posted Rate - 6.59%, Verico Rate - 5.54% 5 years: Posted Rate - 6.64%, Verico Rate - 5.39% 7 years: Posted Rate - 6.90%, Verico Rate - 6.14% 10 years: Posted Rate - 7.05%, Verico Rate - 6.20% Prime Rate: 7.20% Verico Variable Rate: 6.30% 📈 Choosing Your Path: Locked In or Variable? Verico Pipeline Mortgage (Paragon) caters to your diverse needs, offering both locked-in fixed terms and the flexibility of a variable rate. Whether youre a fan of stability or like to keep your options open, theres a mortgage solution for you. 🔄🔒 🔍 The Broker Advantage: Your Partner in Mortgage Matters Wondering about the benefits of dealing with a mortgage broker instead of a bank? 🤔💼 A mortgage broker, like Verico, can offer you a broader range of mortgage options from various lenders, ensuring you find the perfect fit for your financial situation. Youll also enjoy personalized guidance throughout the mortgage process, making your journey smoother and stress-free. 🏦🔑 📣 Discover Our Mortgage Solutions At Verico Pipeline Mortgage (Paragon), were here to assist you with mortgages for new home purchases, refinances, investment properties, vacation homes, and second homes. Our tailored solutions ensure you find the right fit for your unique needs. 🏠📊 🔐 Securing Your Dream Home with Verico Pipeline Mortgage (Paragon) Are you ready to embark on your homeownership journey or explore refinancing opportunities? Lets make those dreams a reality! 💭🏠 Reach out to me today to discuss your unique situation and lock in the ideal rate for your needs. VERICO rates represent the typical discounted rate available to borrowers with strong credit, qualifying income, and assets, on conventional real property that meets lending value requirements. This data is for informational purposes only and should not be relied upon without verification by contacting your VERICO Mortgage Advisor. Rates are subject to change without notice, are compounded semi-annually and not in advance. In unusual circumstances, lender or broker fees may apply. Errors and omissions excepted. Please note that the posted rates are based on the TD Bank posted rate. #MortgageRates #BestMortgageRates #HomeownershipDreams #RefinanceGoals #VericoPipelineMortgage #MortgageBrokerAdvantage #DanPennerMortgages #WestVancouverMortgageBroker #NorthVancouverMortgageBroker #VancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #PortMoodyMortgageBroker #YourDreamHomeAwaits 🏡🔑📊

READ MORE

"July's Canadian Housing Market Report: What's Hot and What's Not! 🏡📈"

8/16/2023

Hey there, housing market enthusiasts! Get ready to explore Canadas real estate scene for July, because its a wild ride you wont want to miss. 🏠🎢 Whether youre a potential buyer, seller, or just love keeping up with the market vibes, weve got the scoop on what went down last month, straight from the Canadian Real Estate Association (CREA). Sales: The Yo-Yo Effect 📉📈 Alright, lets kick it off: home sales in the Great White North barely budged between June and July, just a teensy-weensy 0.7% dip. But wait, theres more! When we hop into our time machine and compare to the same time last year, things get interestingtheres a sizzling spike in year-over-year activity. 🔥📅 New Listings: A Parade of Possibilities 📝📈 Hold onto your hats, because weve got more homes strutting onto the scene with a 5.6% boost in newly listed properties. Its like a home runway show, and were here for it! 🚀💃 And guess what? Average home prices decided to do a little dance too, shimmying 1.1% higher for the month (though they dipped 1.5% from last years moves). Toronto Takes the Stage (Sort of) 🎭 Hey, Toronto, whats the deal? Sales decided to take a little breather in the Greater Toronto Area (GTA), which played a part in the national monthly numbers taking a dip. 🥶 But dont worry, its not all cloudy skiesover half of all local markets across the country were showing some major sales love. 😍 Flashback to 2022: Rates and Costs Take the Spotlight 💸📅 Remember last year? Interest rates were on a wild ride and borrowing costs were like a rollercoaster. Fast forward to now, and were witnessing the biggest annual jump in over two years. Who wouldve thunk it? Market Balance: Finding Zen 🌟🏡 Larry Cerqua, the chair of CREA, spills the teabuyers are living it up with more options, which is putting the brakes on the wild pace of price growth across the nation. 🍵👀 Bank of Canada Steps In 🏦🎉 Hold up, theres a new player in town! The Bank of Canada decided to shake things up with interest rate hikes, and its changing the dance moves in the housing market. Shaun Cathcart, CREAs senior economist, says folks are slowing down to groove to the new beats. Could this mean more back to the sidelines moments? 🤔 Sales vs. Listings: Whos Winning the Race? 📊🏆 Quick peek behind the scenesproperties are strutting their stuff on the market catwalk faster than deals are sealing the deal. The sales-to-new-listings ratio? Its still doing a victory lap above its average, even though it slipped from June to 59.2%. Historically, thats still a strong performance at 55.2%. So, there you have itthe Canadian housing market update for July, jazzed up just for you! Whats your take on these twists and turns? Are you Team Rise or Team Dip? Sound off in the comments! ⬇️💬 And remember, whether youre riding the market rollercoaster or just curious about the action, weve got your back! #RealEstateRundown #MarketMadness #HomeSweetHome #CREAInsights #HouseHustle #MortgageMagic #RateRundown #MortgageMania #HomeLoanLowdown #PropertyPuzzle #MortgageMatters #HouseHunterHacks #MortgageMusings #RateRoundup #MortgageMarvels

READ MORE

🔥📈 Exploring Inflation's Impact on the Residential Market: Insights for You 🏠💰

8/15/2023

Greetings, insightful readers! 🤓 Today, we delve into a pivotal topic thats currently dominating financial discussions: inflation and its implications for the residential market. 📊💸 Allow us to dissect the intricate layers of this subject and shed light on its relevance. Lets embark on this enlightening journey together. 🕵️♂️🔍 🔍 Deciphering the Inflation Code: The linchpin of this discourse lies in the Consumer Price Index (CPI), a cardinal metric that tracks fluctuations in the prices of goods and services over time. Our focus rests on the forthcoming CPI reading for July, projected to marginally ascend from 2.8% to 2.9%. Energy expenses and certain food price hikes stand as the principal culprits behind this uptick. However, its worth noting that this increment falls within the Bank of Canadas targeted range of 1.0% to 3.0%. 🎯🛒 💡 Elevated Energy Costs: Witness the influence of rising energy costs a factor poised to influence the wallets of consumers. Fluctuations in oil and fuel prices exert palpable pressure, potentially trickling down to various aspects of everyday expenses. 🍔🥦 Navigating Food Price Dynamics: Rest assured, the trajectory of food prices merits a more nuanced analysis. While prices are on the rise, there exists an underlying equilibrium driven by the anticipated moderation of commodity prices and the gradual restoration of supply chains. Stability is on the horizon. 🎢🍕 💥 Unmasking Core Inflation: Allow us to introduce the concept of core inflation a refined indicator excluding the volatility of food and fuel prices. The projected deceleration from 3.5% to 3.0% carries significance, partly due to the exclusion of an anomalous spike from Aprils data. 📉 💰 Impact of Mortgage Interest Costs: The residential landscape isnt immune to the ripple effects of inflation. Notably, mortgage interest costs shoulder a substantial proportion of CPI growth, accounting for nearly one-third of the total surge. Its prudent, however, to contextualize this factor as a corollary of heightened interest rates, a dimension the Bank of Canada might consider in its assessment. 🏡💸 📊 Insights into the Housing Market: As we traverse this economic terrain, keep a keen eye on the impending release of Julys home sales and housing starts data. These metrics provide invaluable glimpses into the real estate landscape, fostering a deeper comprehension of its ebbs and flows. 🏡📈 ⏰ Anticipating Future Moves: Circle September 6 on your calendar, for it heralds the Bank of Canadas next rate announcement. This juncture bears the potential to unveil the intricate interplay between inflation dynamics and the central banks deliberations. 🎉📅 🔗 #InflationInsights #ResidentialMarket #EconomicAnalysis #BankofCanada #ExpertPerspective 📣 Information provided by First National Financial LP. In summation, this discourse provides a comprehensive panorama of inflations ramifications for the residential realm. Join us in this intellectual voyage as we navigate the currents of economic intricacies. 🌊📚💡

READ MORE

🏠 Maximize Your Mortgage Renewal Benefits: 6 Reasons to Opt for a Broker over Your Bank in Vancouver, BC 🇨🇦

8/14/2023

Renewing your mortgage in Vancouver, BC? 🤔 Dont hit snooze on your financial future! Discover 6️⃣ compelling reasons to renew your mortgage with a trusted mortgage broker, rather than your bank. 💼🔑 #MortgageRenewal #VancouverBroker #FinancialFreedom 1️⃣ Tailored Solutions: 📊 Our seasoned brokers analyze your unique financial situation, ensuring a mortgage renewal plan that fits like a glove. No cookie-cutter solutions here! #PersonalizedSolutions #MortgageExperts 2️⃣ Access to Multiple Lenders: 💼 Unlike your bank, we collaborate with various lenders to secure the best rates and terms in the market. More options, more savings! 💰 #LenderOptions #BestRates 3️⃣ Expert Guidance: 🧠 Were mortgage experts, committed to guiding you through the renewal process. Count on our expertise to make informed decisions aligned with your long-term goals. 📈 #ExpertAdvice #FinancialGuidance 4️⃣ Save Time Effort: ⏳ Skip the paperwork hassle! From document collection to liaising with lenders, weve got you covered. You focus on what truly matters your life! 🌟 #TimeSaver #HassleFreeRenewal 5️⃣ Negotiation Power: 💪 Armed with industry insights, we negotiate on your behalf to secure competitive rates and terms. Our aim? Maximizing your savings! 📉 #NegotiationPros #MaxSavings 6️⃣ Long-Term Relationship: 🤝 Were here for more than just the renewal were your lifelong financial partners! Our commitment extends beyond this renewal, meeting your future needs. 🌅 #TrustedAdvisor #LifetimePartnership Ready to make the savvy choice for your mortgage renewal? Lets talk! Choose confidence in securing your financial future. 📞💼 #MortgageBrokerMagic #RenewWithUs #VancouverFinances

READ MORE

Housing affordability: Recent improvement will not carry into H2 2023

8/11/2023

From National Bank of Canada The second quarter of 2023 saw housing affordability in Canada post a third consecutive improvement. While not as substantial as the previous two betterments, it still marked an advancement for 9 of the 10 markets covered. Taken together, the last three quarters represent a 7.1 percentage point decline for the mortgage payment as a percentage of income (MPPI). While that was a positive development, it pales in light of the 24.6pp worsening in affordability in the two previous years and only brings affordability back to levels last seen a year ago. The MPPI now stands at 59.3%, still way off the average since 2000 of 42.5%. The improvement mostly stemmed from a decrease in home prices. The latter declined 1.2% in the quarter which brings the cumulative decline over the last year to 8.1%. This pullback is the largest observed in a generation but could have bottomed out according to house price index data. The Teranet-National Bank Composite HPI rose 2.2% seasonally adjusted in June, and momentum is expected to continue into the third quarter on the back of strong demographics and a lack of supply in the resale market. Compounding that headwind, after providing marginal respite in Q2 (-3 basis points), mortgage interest rates in July have crept up on the back of further tightening by the Bank of Canada and should be detrimental to affordability in the next report. Moreover, the flip side of restrictive monetary policy is a weakening economic outlook. In such a high interest rate environment, we cannot count on significant wage gains to improve affordability, as we expect the labour market to cool in the second half of the year. HIGHLIGHTS: Canadian housing affordability posted a third consecutive improvement in Q223. The mortgage payment on a representative home as a percentage of income (MPPI) declined 1.6 points, a further pullback following the 3.2-point decrease in Q123. Seasonally adjusted home prices decreased 1.2% in Q223 from Q122; the benchmark mortgage rate (5-year term) edged down 3 bps, while median household income rose 1.2%. Affordability improved in 9 of the ten markets covered in Q2. On a sliding scale of markets from best improvement to deterioration: Toronto, Hamilton, Ottawa-Gatineau, Victoria, Vancouver, Winnipeg, Edmonton, Calgary, Montreal, and Quebec. Countrywide, affordability improved 1.2 pp in the condo portion vs. a 1.8 pp improvement in the non-condo segment. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

READ MORE

New Housing Minister Reveals Strategies to Facilitate Homeownership for New Buyers 🏡💡📊

8/11/2023

New Housing Minister Reveals Strategies to Facilitate Homeownership for New Buyers 🏡💡📊 In a country where real estate prices have reached some of the highest levels globally, the Canadian government, led by Prime Minister Justin Trudeau, is taking proactive steps to enhance housing affordability. The newly appointed Housing Minister, Sean Fraser, recently engaged in a comprehensive interview with Bloomberg News, shedding light on the governments multifaceted approach to addressing the intricate housing issue. Striking a Delicate Balance ⚖️ The governments primary objective is clear: to alleviate the burden of exorbitant housing costs for aspiring homeowners. However, Minister Fraser emphasizes that this initiative is not aimed at diminishing the value of existing homes. Rather, it seeks to create an environment where increased housing availability intersects with sustainable property values. Prioritizing Housing Supply 🏘️🛠️ Minister Fraser acknowledges the pressing need to rectify the supply-demand imbalance in housing, particularly in cities like Toronto and Vancouver, where property prices have surged. To address this challenge, the government plans to expedite the distribution of federal funds as incentives for local governments to bolster housing supply. The intention is to establish equilibrium in markets characterized by fervent demand and limited availability. Navigating Complexities 🧩📈 While the governments stance might seem paradoxical, experts emphasize the complexity of the situation. John Pasalis, the head of Realosophy Realty Inc., underscores the challenges, stating that the forces underpinning the market are inherently driving prices higher. Fraser concurs, acknowledging that a swift correction in housing prices may not be feasible in certain markets. Immigration and Housing 🌍🏠 Fraser aligns his perspective with that of Immigration Minister Marc Miller, stressing that curbing immigration is not the solution to housing shortages. Instead, the focus is on expanding housing supply to accommodate population growth effectively. Fraser also raises the need to review temporary immigration policies, especially for foreign students and low-wage workers, which can impact housing needs unpredictably. A Collaborative Approach 👥🗣️ In the coming months, Minister Fraser plans to engage with various stakeholders, including developers, nonprofit organizations, and local government officials. These collaborations aim to set pragmatic targets and formulate policies that address the intricate challenges posed by the housing market. Looking Ahead 🔮🏗️ Anticipate significant developments in the realm of housing construction and affordability. The government is poised to unveil additional measures this fall to expedite home construction, which may involve a reevaluation of existing expenditures. The overarching strategy is to incentivize swift construction and to remove regulatory barriers hindering housing development. For a comprehensive understanding of Minister Frasers insights, delve into his illuminating conversation with Bloomberg News. Read the Full Interview Stay informed about the evolving landscape of Canadian housing. Minister Frasers insights hint at a future where homeownership becomes more attainable, and the housing market finds a harmonious equilibrium. 🏡🌟

READ MORE

🌟 Why Vancouver BC is the Best City to Live In | Top Reasons to Call it Home 🏡

8/10/2023

🎉 Welcome to Vancouver BC, where breathtaking natural beauty, vibrant urban culture, and a high quality of life converge! 🏞️🌆 In this blog post, well dive into the many reasons why Vancouver stands out as the ultimate place to settle down and build your dream life. From stunning landscapes to diverse communities, theres no doubt that #VancouverBC has it all! Lets explore the top reasons that make Vancouver the best city to live in. 🌟 Spectacular Natural Beauty 🏞️ 🌊 Nestled between the Pacific Ocean and the majestic Coastal Mountains, Vancouver boasts a picturesque landscape thats second to none. From lush green parks to pristine beaches and awe-inspiring mountain vistas, the city is a nature lovers paradise. Imagine starting your day with a hike in the mountains and ending it with a relaxing beach sunset! #VancouverViews #NatureLovers Mild Climate All Year Round ☀️ 🌤️ Vancouvers temperate climate is a dream come true. With mild winters and comfortably warm summers, you can enjoy outdoor activities throughout the year. Say goodbye to extreme cold or scorching heatwaves, and embrace a lifestyle that encourages outdoor adventures in every season! #VancouverWeather #YearRoundFun Cultural Diversity and Food Scene 🍜🌮 🌍 Experience a global melting pot of cultures right in Vancouver! Explore diverse neighborhoods, each offering unique experiences and culinary delights from around the world. Whether youre craving sushi, dim sum, or farm-to-table cuisine, the citys food scene has something for every palate. #CulturalMeltingPot #FoodieParadise Thriving Job Opportunities 💼 💼 Vancouver is a hub for various industries, including technology, film, finance, and healthcare. The city offers a wealth of job opportunities and a competitive job market, making it an ideal place to advance your career and achieve your professional goals. #CareerOpportunities #VancouverJobs World-Class Education 🎓 📚 Home to renowned universities and educational institutions, Vancouver provides top-notch education for students of all ages. Whether youre pursuing higher education or seeking excellent schooling options for your children, youll find a wide range of choices to ensure a bright future. #EducationHub #LearningCity Active and Healthy Lifestyle 🏃♀️🚴♂️ 🏋️♀️ Vancouverites are known for their active lifestyles. With countless parks, hiking trails, and outdoor recreational spaces, staying fit and healthy is a breeze. Plus, the citys commitment to sustainability promotes walking, cycling, and using public transportation, contributing to a greener environment. #ActiveLiving #HealthyVancouver Culturally Enriching Entertainment 🎭🎨 🎨 Immerse yourself in a vibrant arts and entertainment scene. From world-class theaters and art galleries to music festivals and cultural events, Vancouver offers a kaleidoscope of enriching experiences for the artist in you. Theres never a shortage of creativity and inspiration! #ArtsAndCulture #VancouverEntertainment Conclusion: 🌆 With its breathtaking beauty, diverse culture, and outstanding quality of life, Vancouver BC stands tall as an unrivaled destination for those seeking the perfect place to call home. Embrace the stunning landscapes, embrace the urban buzz, and become part of the incredible community that makes #VancouverBC truly exceptional. Dont miss out on the opportunity to experience the best city to live in its time to make Vancouver your forever home! 🏡🌟 Hashtags: #VancouverBC #BestCityToLiveIn #NatureLovers #VancouverViews #VancouverWeather #YearRoundFun #CulturalMeltingPot #FoodieParadise #CareerOpportunities #VancouverJobs #EducationHub #LearningCity #ActiveLiving #HealthyVancouver #ArtsAndCulture #VancouverEntertainment

READ MORE

🏠📈 Big News in Canadian Real Estate: Defying Rate Hikes and Keeping Cool 😎🌆

8/9/2023

Hold onto your hats, folks! Despite the Bank of Canadas recent rate hikes, our real estate markets are flexing their muscles. Sales are still on the upswing with a solid year-over-year growth, and prices? Well, theyre keeping that upward momentum alive and well. Torontos market is strutting its stuff with a 7.8% jump in sales compared to last year. And Vancouver? Oh, Vancouver is like the superhero of the story, swooping in with a jaw-dropping 29% surge! But before you start thinking this is all magic, lets remember that last years sluggish sales due to rising interest rates are playing a part in this show. Picture this: the markets in beast mode, and its doing it all while dealing with even higher borrowing rates than last year. Talk about resilience! Buyers are rolling with the punches, adapting like champs, and showing they can handle those elevated costs like pros. But heres the twist: theres a bit of a chill in the air. Monthly sales are taking a tiny dip in Vancouver (-3%) and Toronto (-8.8%), and those price gains are kind of taking a breather. Its like the markets saying, Hey, lets catch our breath for a sec. This cool-down dance is happening thanks to more homes popping up for sale, especially in Ontario and British Columbia. Now, the wise owls from RBC, Robert Hogue, and Rachel Battaglia, have a crystal ball prediction: if this whole more supply trend keeps up, price gains might just keep their cool in the coming months. Theyre forecasting a slow and bumpy ride ahead, like a rollercoaster with a few surprise loops. High interest rates, those ongoing can I really afford this? questions, and the looming is a recession coming? vibe could all be part of the show. So, whats the grand finale? Some experts are placing their bets on a major market comeback once interest rates take a chill pill. And when will that be? Well, get your calendars ready for a potential 2024 storyline. Buckle up, real estate enthusiasts, because this ride aint over yet! #RealEstateRide #MarketMagic For all the juicy details, dive into the full scoop from CanadianMortgageTrends.com

READ MORE

🎉 Unveiling Financial Security: 10 Reasons Why Personal Life Insurance Outshines Bank Mortgage Insurance! 🏡

8/9/2023

When it comes to securing your familys future and achieving unwavering financial stability, the choice between personal life insurance and bank mortgage insurance is of paramount importance. While both options provide a safety net, the brilliance of personal life insurance gleams even brighter, offering an array of benefits that surpass those of bank mortgage insurance. Lets explore the ten compelling reasons why personal life insurance should guide your path toward financial peace! 💫 Tailored Precision: Your Customized Shield 🌟 Personal life insurance is a meticulously tailored solution designed to fit your unique circumstances, goals, and dreams. It empowers you to craft coverage that aligns perfectly with your familys financial needs. In contrast, bank mortgage insurance often adheres to a standardized, one-size-fits-all approach, potentially leaving gaps in protection. Seamless Mobility: Journeying Through Life Together 🌍 Life is a journey filled with twists and turns, and personal life insurance is your steadfast companion throughout. Whether youre relocating, refinancing, or welcoming new family members, your personal life insurance policy remains constant. Bank mortgage insurance may struggle to adapt to lifes changes. Comprehensive Financial Freedom 💰 Personal life insurance empowers you to dictate how the payout will be utilized, whether for the mortgage, education, debts, or other financial goals. This flexibility equips your family to navigate uncertainties with confidence. Bank mortgage insurance, in contrast, often restricts the payout solely to the mortgage balance. Growth Potential: Cultivating Prosperity Over Time 🌱 Certain personal life insurance options, such as permanent life insurance, accrue cash value over time. This cash value becomes a valuable asset that can be used for loans or supplementing retirement income. Bank mortgage insurance does not offer this potential for financial growth. Holistic Protection Beyond Mortgages 🏡👨👩👧👦 Personal life insurance extends its protective embrace beyond mortgage obligations, shielding your loved ones from a spectrum of financial uncertainties. Bank mortgage insurance limits its coverage solely to the mortgage, potentially exposing your family to other financial challenges. Flexible Beneficiary Designation 💌 Personal life insurance grants you the flexibility to name beneficiaries and determine how the proceeds will be distributed, ensuring your wishes are executed precisely. Bank mortgage insurance may have limitations in terms of beneficiary designation. Lifelong Coverage Possibilities ⌛ Certain personal life insurance options offer coverage for your entire lifetime, ensuring a lifelong safety net for your family. In contrast, bank mortgage insurance typically only covers the duration of your mortgage. Tax Benefits and Strategic Planning 📊 Personal life insurance can offer potential tax advantages and strategic planning opportunities, allowing you to optimize your financial position. Bank mortgage insurance may lack such benefits and planning flexibility. Legacy and Wealth Transfer 💎 Personal life insurance can serve as a powerful tool for wealth transfer, enabling you to leave a lasting legacy for your loved ones. This encompasses financial support, inheritance, or charitable contributions. Bank mortgage insurance is limited in its potential for facilitating wealth transfer. Stable Coverage Across Time 🔐 With personal life insurance, the amount of insurance remains level over the policy term, ensuring consistent protection. Bank mortgage insurance, however, may see a declining coverage amount in line with your mortgage balance. 🔑 Choose Wisely: Embrace Personal Life Insurances Radiance! 🔑 Invest in your familys future with a personal life insurance policy that encompasses tailored protection, financial growth, flexibility, and legacy-building opportunities. Embrace the brilliance of personal life insurance and unlock a world of financial possibilities that go beyond the boundaries of bank mortgage insurance. 🌈 #LifeInsuranceMatters #FinancialSecurity #FamilyFirst #PlanForSuccess #SecureYourLegacy #PersonalVsBankInsurance #EmpowerYourFuture #InformedDecisions #LegacyPlanning #FinancialPeace

READ MORE

🏠 Unlocking Your Dream Home: 6 Reasons to Choose Me as Your Trusted Vancouver Mortgage Broker 🏠

8/8/2023

Hello, future homeowners of Vancouver! If youre on the hunt for your perfect abode, youve come to the right place. Im here to share with you why partnering with me as your dedicated mortgage broker can be a game-changer in your homebuying journey. Lets dive into six compelling reasons why youll want to entrust your mortgage needs to me: 🔍 Expertise You Can Trust: As a seasoned mortgage professional in Vancouver, I bring a wealth of knowledge and experience to the table. Ive weathered the twists and turns of the local real estate and lending landscape, and Im here to steer you in the right direction, ensuring you make informed decisions every step of the way. 🤝 Personalized Solutions, Tailored to You: No cookie-cutter approaches here! I understand that your financial situation and homeownership goals are unique. Thats why I take the time to get to know you personally, crafting mortgage solutions that align perfectly with your dreams and aspirations. 🌐 Extensive Network, Maximum Options: Say goodbye to limited choices! My extensive network of lenders, banks, and credit unions in Vancouver means youll have a wide range of mortgage options at your fingertips. Together, well explore and compare until we find the ideal fit for your needs. 💼 Your Negotiation Ally: Negotiating mortgage terms can be daunting, but fear not! With my negotiation skills and established relationships with lenders, Ill work tirelessly to secure the best possible terms and rates for your mortgage, potentially saving you a substantial amount over time. ⏱️ Save Time and Stress: Your time is valuable, and I respect that. Let me handle the nitty-gritty details, from paperwork to research, so you can focus on envisioning life in your new home. With me as your guide, youll experience a streamlined and stress-free mortgage process. 🔑 Unveiling Special Opportunities: Whether youre a first-time homebuyer, self-employed, or have unique financial circumstances, I have access to specialized mortgage solutions that cater to your specific situation. Together, well unearth hidden opportunities and make your homeownership dreams a reality. Choosing a mortgage broker is more than a transactionits a partnership built on trust, expertise, and shared goals. With my dedication to your success and my commitment to securing the best possible mortgage for you, Im confident that together, we can achieve greatness. Ready to embark on this exciting journey together? Lets connect and start turning your homeownership dreams into a reality. Reach out today, and lets take that first step towards unlocking the door to your future home. 🏡🗝️ Feel free to contact me with any questions or to discuss your mortgage needs further. Im here to guide you through every aspect of your home financing adventure. 📞📧

READ MORE

CREA Updates Resale Housing Market Forecast

8/4/2023

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity and average home prices via Multiple Listing Service (MLS) Systems of Canadian real estate boards and associations for 2023 and 2024. As expected, national home sales came flying out of the gates in April 2023. Buyers who had been sitting on the fence responded to the twin signals of interest rates looking like they were at a top and property values hitting bottom. With the Bank of Canada unexpectedly ending its pause on rate hikes in June and hiking again in July, a major source of uncertainty has returned to the housing market. That said, even before the resumption of rate hikes, the recent sales rally had already shown signs of losing steam. The biggest month-over-month increase in sales activity was back in April, followed by an increase only half as big in May, then by a small 1.5% gain in June. This was likely because new listings had fallen to a 20-year low, which was reflected in month-over-month price gains in April, May, and June that were only bested by those seen during the COVID-19 pandemic. New listings are now catching up to sales, although this isnt expected to translate into further big gains in activity as some buyers will likely be moving back to the sidelines, as they did in 2022, to wait for additional signals from the Bank of Canada and the data it bases policy on. Looking further out, theres also a growing consensus that rates will not just be higher, but likely for longer well into 2024. As a result, CREA has downgraded its forecast for home sales in 2023 and 2024 compared to its April 2023 outlook, along with the trajectory for prices. Thats not to say either are necessarily expected to return to declines on a month-to-month basis, but rather to stabilize or rise at a slower pace than they have in recent months. https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/quarterly-forecasts/

READ MORE

Spectacular jump in house prices in June

7/26/2023

Following the recovery of the residential housing market in recent months, the Teranet-National Bank composite HPI jumped 2.2% from May to June, marking the third consecutive monthly increase, but also the largest price rise in a single month since November 2006. After a cumulative decline of 8.7% since peaking in April 2022, recent rises in the composite index have erased part of this correction, which now stands at just 6.2%. This rebound is even more impressive given that 81% of cities covered in June saw an increase during the month, the best diffusion of growth since the composite index peaked last year. While prices could continue to be supported by strong demographic growth and the lack of supply of properties on the market, and continue to rise in the third quarter, the Bank of Canadas recent rate hikes and the economic weakness expected in subsequent quarters will represent a headwind for house prices thereafter. HIGHLIGHTS: The Teranet-National Bank Composite National House Price Index rose by 2.2% in June after seasonal adjustment. After seasonal adjustment, 9 of the 11 markets in the composite index were up during the month: Toronto (+2.9%), Vancouver (+2.6%), Quebec City (+2.6%), Halifax (+2.3%), Calgary (+2.1%), Victoria (+1.9%), Montreal (+1.4%). Ottawa-Gatineau (+1.0%) and Edmonton (+0.2%). Conversely, prices fell in Winnipeg (-0.2%), while remaining stable in Hamilton. From June 2022 to June 2023, the composite index fell by 5.1%, a smaller contraction than in the previous month. Price growth in Calgary (+6.5%). Quebec City (+5.2%) and Edmonton (+1.3%) was more than offset by declines in Montreal (-3.6%), Victoria (-3.8%), Vancouver (-5.0%). Halifax (-5.6%), Winnipeg (-5.7%). Toronto (-6.7%), Ottawa-Gatineau (-8.4%) and Hamilton (-13.4%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

Housing market stabilizing as rising interest rates weigh in June

7/21/2023

Summary On a seasonally adjusted basis, home sales increased 1.5% from May to June, a fifth consecutive monthly increase. However, this was a much smaller rise than the 4.6% in May and 11.1% in April, a slowdown that could have been induced by the additional tightening of the Bank of Canada. On the supply side, new listings jumped 5.9% in June, a third consecutive monthly increase. Overall, active listing increased marginally by 1.5% in Canada, keeping the number of months of inventory (active-listings to sales) unchanged at 3.1 in June. This continues to be higher than the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio is still tighter than its historical average in the majority of Canadian provinces, with only Manitoba indicating a ratio above average. Housing starts in Canada increased in June (+81.4K to 281.4K, seasonally adjusted and annualized), beating consensus expectations calling for a 220.0K print. This increase more than offset Mays 58.9K decrease and was the sharpest ever. In urban areas, increases in housing starts were seen in Ontario (+50.2K to 116.8K), British Columbia (+24.9K to 63.6K), Quebec (+3.7K to 25.0K) and the Maritimes (+8.9K to 17.6K). Meanwhile, a decrease was registered in the Prairies (-5.5K to 39.2K) on gains in Saskatchewan (+4.6K to 6.7K) which were offset by losses in Alberta (-10.1K to 25.7K) while starts in Manitoba (-0.1K to 6.7K) remained essentially unchanged. The Teranet-National Bank Composite National House Price Index rose by 2.2% in June after seasonal adjustment. Nine of the eleven markets in the composite index were up during the month: Toronto (+2.9%), Vancouver +2.6%), Quebec City (+2.6%), Halifax (+2.3%), Calgary (+2.1%), Victoria (+1.9%), Montreal (+1.4%). Ottawa-Gatineau (+1.0%) and Edmonton (+0.2%). Conversely, prices fell in Winnipeg (- 0.2%), while remaining stable in Hamilton. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

7/14/2023

The Bank of Canada increased its target for the overnight rate to 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, Chinas economic growth is softening, with slowing exports and ongoing weakness in its property sector. Growth in the euro area is effectively stalled: while the service sector continues to grow, manufacturing is contracting. Global financial conditions have tightened, with bond yields up in North America and Europe as major central banks signal further interest rate increases may be needed to combat inflation. The Banks July Monetary Policy Report (MPR) projects the global economy will grow by around 2.8% this year and 2.4% in 2024, followed by 2.7% growth in 2025. Canadas economy has been stronger than expected, with more momentum in demand. Consumption growth has been surprisingly strong at 5.8% in the first quarter. While the Bank expects consumer spending to slow in response to the cumulative increase in interest rates, recent retail trade and other data suggest more persistent excess demand in the economy. In addition, the housing market has seen some pickup. New construction and real estate listings are lagging demand, which is adding pressure to prices. In the labour market, there are signs of more availability of workers, but conditions remain tight, and wage growth has been around 4-5%. Strong population growth from immigration is adding both demand and supply to the economy: newcomers are helping to ease the shortage of workers while also boosting consumer spending and adding to demand for housing. https://www.bankofcanada.ca/2023/07/fad-press-release-2023-07-12/

READ MORE

Provincial Housing Market Outlook - BoC Hikes to Send a Chill Through Buyers

7/7/2023

From TD Economics Huge second-quarter upside surprises in both Canadian home sales and average home prices, relative to our March projection, have left their mark on our updated forecast. Our modelling had suggested that sales had undershot levels consistent with underlying fundamentals (such as income and population growth, for example). However, with the recent surge, this gap has effectively been closed. The sharp rise in prices also deteriorated affordability by more than we thought would take place, which is also a negative for go-forward activity. In light of resilient housing and consumer spending data, the Bank of Canada nudged its policy rate higher in June after a 4-month hiatus. By the time July is over, policymakers will have injected an additional 50 bps of tightening relative to our prior expectations. Beyond the direct hit to affordability from a higher policy rate, a more hawkish central bank should chill the psychology of buyers who were previously rushing into the market after the Bank went on pause earlier in the year. Indeed, Bank of Canada signaling appears to be playing a major role in shaping housing market dynamics. Our bond yield forecast has also been materially upgraded. We expect Canadian home sales to decline in the second half of this year, reversing part of their recent strength. Furthermore, we anticipate purchases growing at a slower quarter-on-quarter pace than previously envisioned in 2024. Tight markets amid restrained supply should keep Canadian average price growth positive in the third quarter, but we anticipate prices dropping slightly in Q4. Like sales, weve marked down our quarterly growth profile next year relative to our March forecast. https://economics.td.com/ca-provincial-housing-outlook

READ MORE

Home prices rise for the first time in 11 months

7/4/2023

After adjusting for seasonal effects, the Teranet-National Bank composite HPI resumed its upward trend (+0.6%) after ten consecutive monthly declines, which saw home prices correct by a total of 8.6%. This turnaround in property prices is due in particular to the rebound in the resale market over the past four months. This recovery is taking place against a backdrop of record demographic growth, which is accentuating the shortage of housing supply on the market. With domestic housing starts falling to their lowest level in three years in May, there is no reason to believe that the shortage of properties on the market will be resolved any time soon. However, the resumption of the monetary tightening cycle by the Bank of Canada in recent weeks and the expected slowdown in economic growth could moderate price growth later this year. HIGHLIGHTS: The Teranet-National Bank Composite National House Price Index rose by 0.6% in May after seasonal adjustment. After seasonal adjustment, 8 of the 11 markets in the composite index were up during the month: Toronto (+1.6%). Winnipeg (+1.5%), Victoria (+1.3%), Edmonton (+1.3%), Quebec City (+1.2%), Montreal (+1.0%), Hamilton (+0.5%) and Calgary (+0.1%). Conversely, prices fell during the month in Halifax (-2.6%), Vancouver (-1.2%) and Ottawa-Gatineau (-0.3%). From May 2022 to May 2023, the composite index fell by 7.6%, a smaller contraction than in the previous month. Price growth in Calgary (8.3%). Edmonton (4.9%) and Quebec City (3.1%) was more than offset by declines in Montreal (-3.0%), Winnipeg (-6.8%), Victoria (-8.4%), Halifax (-8.5%), Vancouver (-8.6%), Ottawa-Gatineau (-9.5%), Toronto (-10.3%) and Hamilton (-16.8%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

Fourth consecutive monthly increase in home sales in May

6/23/2023

On a seasonally adjusted basis, home sales increased 5.1% from April to May, a fourth consecutive monthly increase. Sales growth continues to be widespread across the country again this month, with the biggest increases seen in P.E.I. (+22.3%), Saskatchewan (+9.2%) and Alberto (+8.0%). Conversely, Nova Scotia (+0.9%) and Manitoba (+1.0%) saw smaller increases. On the supply side, new listings jumped 6.8% in May, a second consecutive monthly increase. Overall, supply decreased in Canada as testified by the number of months of inventory (active-listings to sales) decreasing from 3.3 to 3.1 in May. This remains up from the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio is still tighter than its historical overage in the majority of Canadian provinces, with only Manitoba indicating a ratio above average. Housing starts in Canada decreased in May (-58.9K to 202.5K, seasonally adjusted and annualized), falling short of consensus expectations calling for a 240.0K print. This decline more than offset Aprils 47.8K increase and was the sharpest since December 2021. In urban areas, declines in housing starts were seen in Ontario (-43.1K to 67.7K), British Columbia (-20.1K to 38.2K), Quebec (-6.6K to 22.5K) and the Maritimes (-1.5K to 8.1K). Meanwhile, an increase was registered in the Prairies (+12.6K to 46.0K) on gains in Manitoba (+3.0K to 7.0K) and Alberta (+9.6K to 36.5K) while starts in Saskatchewan (+0.1K to 2.5K) remained essentially unchanged. The Teranet-National Bank Composite National House Price Index rose by 0.6% in May after seasonal adjustment. After seasonal adjustment, 8 of the 11 markets in the composite index were up during the month: Toronto (+1.6%), Winnipeg (+1.5%), Victoria (+1.3%), Edmonton (+1.3%). Quebec City (+1.2%), Montreal (+1.0%), Hamilton (+0.5%) and Calgary (+0.1%). Conversely, prices fell during the month in Halifax (-2.6%). Vancouver (-1.2%) and Ottawa-Gatineau (-0.3%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

CMHC Residential Mortgage Industry Report

6/14/2023

Recent mortgage market trends High inflation, rapidly rising interest rates and cooling housing markets across Canada have resulted in decelerating mortgage growth in 2022. Mortgage activity by non-bank lenders accelerated up until 2022Q3 and has now reached the pace of mortgage growth in the banking industry. Despite increasing worries around the ability of Canadians to make their mortgage payments on time, mortgages in arrears remained at low levels. Mortgage borrowers are opting for shorter-term fixed rate mortgages, with fixed-rate 5-year mortgages falling to less than 15% of new mortgages, and variable-rate mortgages dropping to less than 20% of new mortgages. Housing finance research at a glance While demand surges, alternative lenders are lending more conservatively as the industry faces shifting investor appetite. Their risk profile remains at relatively low levels. A larger share of alternative loan mortgage borrowers are renewing their loans in this space as it is increasingly difficult to qualify for a conventional loan. Interest rate differences are not a significant source of inequality in the housing finance system. CMHC

READ MORE

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

6/8/2023

The Bank of Canada today increased its target for the overnight rate to 4%, with the Bank Rate at 5% and the deposit rate at 4%. The Bank is also continuing its policy of quantitative tightening. Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high. While economic growth around the world is softening in the face of higher interest rates, major central banks are signalling that interest rates may have to rise further to restore price stability. In the United States, the economy is slowing, although consumer spending remains surprisingly resilient and the labour market is still tight. Economic growth has essentially stalled in Europe but upward pressure on core prices is persisting. Growth in China is expected to slow after surging in the first quarter. Financial conditions have tightened back to those seen before the bank failures in the United States and Switzerland. Canadas economy was stronger than expected in the first quarter of 2023, with GDP growth of 3.1%. Consumption growth was surprisingly strong and broad-based, even after accounting for the boost from population gains. Demand for services continued to rebound. In addition, spending on interest-sensitive goods increased and, more recently, housing market activity has picked up. The labour market remains tight: higher immigration and participation rates are expanding the supply of workers but new workers have been quickly hired, reflecting continued strong demand for labour. Overall, excess demand in the economy looks to be more persistent than anticipated. CPI inflation ticked up in April to 4.4%, the first increase in 10 months, with prices for a broad range of goods and services coming in higher than expected. Goods price inflation increased, despite lower energy costs. Services price inflation remained elevated, reflecting strong demand and a tight labour market. The Bank continues to expect CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last years large price gains fall out of the yearly data. However, with three-month measures of core inflation running in the 3-4% range for several months and excess demand persisting, concerns have increased that CPI inflation could get stuck materially above the 2% target. https://www.bankofcanada.ca/2023/06/fad-press-release-2023-06-07/

READ MORE

Housing affordability: Starting 2023 on a positive note

6/2/2023

From National Bank of Canada Housing affordability in Canada in the first quarter of 2023 posted a second consecutive improvement. It marked the largest betterment in affordability in nearly 4 years as all markets covered saw a net amelioration (which was a first since 2020Q3). Nonetheless, the reversal of the worsening which occurred in the last two quarters was tepid compared to the slide that has occurred during the post-pandemic period. Indeed, after having reached its most unaffordable level in over 30 years, the mortgage payment as a percentage of income (MPPI) registered at a still elevated 60.9% in 2023Q1, down 5.4 points from the recent high mark. Feeding into the improvement, home prices declined for a third consecutive quarter. The retracement in home prices has now reached -7.3%, the biggest drawdown in a generation due to the restrictiveness in interest rates. The correction in prices was the sharpest in Vancouver, Hamilton and Toronto which translated into the biggest improvements in affordability during the quarter. Still, mortgage interest rates appear to be tapering out. In this latest report, our 5-year benchmark mortgage rate used to calculate affordability declined by 14bps, which helped contribute to the moderation. In addition, we note that still rising incomes also contributed to the enhancement. Looking ahead, for the second quarter of 2023, we expect a slight easing of pressure on the interest rate side. That said, a stabilization in home prices is likely given the pickup in activity with sales increasing while listings have moderated. However, we have doubts as to whether this price rise will be sustained, given restrictive monetary policy which is contributing to maintaining affordability at a challenging level. HIGHLIGHTS: Canadian housing affordability posted the largest improvement in 15 quarters in Q1`23. The mortgage payment on a representative home as a percentage of income (MPPI) declined 3.2 points, a consecutive pullback following the 2.2-point decrease in Q422. Seasonally adjusted home prices decreased 2.4% in Q123 from Q422; the benchmark mortgage rate (5-year term) fell 14 bps, while median household income rose 1.3%. Affordability improved in all ten markets covered in Q1. On a sliding scale of markets from best improvement to deterioration: Vancouver, Hamilton, Toronto, Victoria, Montreal, Winnipeg, Ottawa-Gatineau, Calgary, Edmonton, and Quebec. This was the first time in 10 quarters that all markets improved. Countrywide, affordability improved 1.8 pp in the condo portion vs. a 3.8 pp improvement in the non-condo segment. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

READ MORE

Home sales jumped in April as interest rates stabilized and population boomed

5/26/2023

Summary On a seasonally adjusted basis, home sales increased 11.3% from March to April, a third consecutive monthly increase and the first double-digit gain since the summer of 2020. Unlike the previous month, the increase in sales was spread across all provinces, with New Brunswick (-2.5%) and Newfoundland (-17.0%) being the exceptions. On the supply side, new listings increased by 1.6% during the month, a first increase in three months. Overall, supply decreased in Canada as testified by the number of months of inventory (active-listings to sales) decreasing from 3.8 to 3.3 in April. This remains up from the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio is still tighter than its historical overage in the majority of Canadian provinces, with only Manitoba indicating a ratio above average. Housing starts in Canada increased in April (+47.8K to 261.6K, seasonally adjusted and annualized), more than consensus expectations calling for a 220.0K print. This increase more than offset Marchs 27.7K decline and was the sharpest since November 2021. In urban areas, rises in housing starts were seen in Ontario (+35.8K to 110.7K), British Columbia (+9.9K to 58.1K), the Maritimes (+4.0K to 9.8K) and Quebec (+2.3K to 29.4K). Meanwhile, a decline was registered in the Prairies (-2.8K to 33.2K) on losses in Manitoba (-3.5K to 4.0K) and Saskatchewan {-0.3K to 2.4K) while starts in Alberta posted an increase (+1.1K to 26.8K). The Teranet-National Bank Composite National House Price Index remained relatively stable in April with a slight decrease of 0.1% compared with the previous month and after adjusting for seasonal effects. After seasonal adjustment, 5 of the 11 markets in the composite index were down during the month: Edmonton (-2.5%). Ottawa-Gatineau (-2.1%), Vancouver (-0.9%), Hamilton (-0.5%) and Montreal (-0.2%). Conversely, prices increased during the month in Quebec City (+1.2%), Toronto (+0.7%), Winnipeg (+0.5%), Calgary (+0.3%) and Victoria (+0.1%), while they remained stable in Halifax. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

CMHC Housing Market Outlook - Spring 2023

5/18/2023

From CMHC Key highlights from the 2023 release We expect house prices and supply in Canada to decrease between 2022 2023. Price declines are expected to end sometime in 2023 before increasing for the remainder of the forecast period. Our analysis forecasts a significant drop in housing starts in 2023 and we can see some recovery starting in 2023 to 2024 and onward. Rental affordability is also set to decline due to demand outstripping supply, especially in Vancouver and Toronto. Prairie provinces expect more positive housing market conditions due to interprovincial migration and affordable homeownership. Ontario, British Columbia and Qubec will see significant drops in housing starts compared to other regions. The Atlantic regions economy remains stable and moderate relative to other regions. https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/housing-market-outlook/2023/housing-market-outlook-spring-2023-en.pdf?rev=5c29bc91-2310-435f-b2c9-b801866d0ede

READ MORE

CMHC Housing Supply Report

5/10/2023

Highlights from the April 2023 Housing Supply Report: Growth in residential construction was mixed across Canadas 6 largest census metropolitan areas in 2022. Current new home inventories are at historic lows even though housing starts were strong during the pandemic. Housing starts increased in Toronto, Calgary, Edmonton and Ottawa. Starts were stable in Vancouver and decreased in Montral. New research completed by the University of British Columbia using CMHC data shows that most housing starts were built in low-amenity neighbourhoods. Apartments, however, tend to be in high-amenity areas . As interest rates increased, homebuyer purchasing power dropped. Prices decreased slightly in most markets. Apartment construction both purpose-built rental and condominiums continued to grow. https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/housing-supply-report/housing-supply-report-2023-04-en.pdf?rev=5558faea-840d-4a27-a9a3-c49e421abd1a

READ MORE

Canada: Record annual price decline in March

5/5/2023

From National Bank of Canada Even though the resale housing market is showing its first signs of stabilization and the non-seasonally adjusted Teranet-National Bank Index has seen its first monthly increase in ten months, it is still too early to say that the real estate market in Canada is on the rise. In fact, once adjusted for seasonal effects, the composite index contracted by 0.8% during the month, as price growth is generally stronger in the spring with the start of the high season. It should also be noted that, on an annual basis, the index in March fell by 6.9% compared to March 2022 and thus equaled the record contraction recorded during the 2008-2009 financial crisis. With the Bank of Canada expected to keep its policy rate in restrictive territory for much of 2023 and mortgage rates remaining high, we believe that the impact on property prices should continue to be felt in the coming months. All in all, we anticipate that the price correction that currently stands at 8.8% could continue through the end of 2023 (-5% additional), but this assumes that policy rate hikes are over, and declines begin at the end of the year. Although corrections are observed in all markets covered by the index (except Sherbrooke), the CMAs that have experienced the largest price growth over the past two years are also those that have recorded the sharpest declines to date. Ontario and British Columbia thus appear to be more vulnerable, while the Prairie markets are less so, as affordability problems are less acute. HIGHLIGHTS: The Teranet-National Bank Composite National House Price Index decreased 0.8% in March compared with the previous month and after adjusting for seasonal effects, the ninth consecutive monthly decline. After seasonal adjustment, 7 of the 11 markets in the composite index were down during the month: Victoria (-4.5%), Winnipeg (-2.4%), Toronto (-1.9%), Edmonton (-0.9%), Hamilton (-0 .1%) Conversely, prices increased during the month in Halifax (+2.3%), Montreal (+0.5%), Vancouver (+0.3%) and Calgary (+0.1%). From March 2022 to March 2023, the composite index decreased by 6.9%, matching the record annual decline observed during the 2008-2009 financial crisis. Price growth in Calgary (7.6%), Quebec City (4.1%) and Edmonton (2.2%) was more than offset by declines in Montreal (-0.8%), Ottawa-Gatineau (-4.7%), Halifax (-4.9%), Vancouver (-5.0%), Winnipeg (-6.3%), Victoria (-8.7%), Toronto (-12.1%) and Hamilton (-13.5%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

Slight increase in sales for a second consecutive month

4/28/2023

From National Bank of Canada Summary On a seasonally adjusted basis, home sales increased 1.4% from February to March, the first time since February 2022 that they experienced two consecutive monthly increases. Unlike the previous month, the increase in sales was not spread across all provinces. On the supply side, new listings dropped by 5.8% in the month, a seventh decrease in nine months. Still, we continue to see that there is a high proportion of sellers who are changing their minds, as we estimate that 19% of listings have been withdrawn in the last three months. Overall, supply decreased in Canada as testified by the number of months of inventory (active-listings to sales) decreasing from 4.1 to 4.9 in March. This remains up from the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio is still tighter than its historical average in the majority of Canadian provinces, with only Manitoba indicating a ratio above average. Housing starts in Canada decreased in March (-27.1K to 213.9K, seasonally adjusted and annualized), which was below consensus expectations calling for a 237.5K print. This drop almost fully erased Februarys 27.9K gain. In urban areas, decreases in housing starts were seen in Ontario (-20.7K to 75.4K), the Prairies (-8.0K to 35.9K), Quebec (-11.8K to 27.0K) and the Maritimes (-0.3K to 6.3K). Starts in BC (+13.6K to 48.0K), meanwhile, increased after reaching their lowest level since March 2022 in February, thanks to a gain in multiples (+14.1K to 43.2K) while single units starts were essentially steady (-0.5K to 4.8K). The Teranet-National Bank Composite National House Price Index decreased 0.8% in March compared with the previous month and after adjusting for seasonal effects, the ninth consecutive monthly decline. After seasonal adjustment, 7 of the 11 markets in the composite index were down during the month: Victoria (-4.5%), Winnipeg (-2.4%), Toronto (-1.9%), Edmonton (-0.9%), Hamilton (-0.1%) Conversely, prices increased during the month in Halifax (+2.3%), Montreal (+0.5%), Vancouver (+0.3%) and Calgary (+0.1%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

Canada: Slight increase in sales for a second consecutive month

4/19/2023

From National Bank of Canada On a seasonally adjusted basis, home sales increased 1.4% from February to March, the first time since February 2022 that they experienced two consecutive monthly increases. Unlike the previous month, the increase in sales was not spread across all provinces. In fact, this growth is largely explained by a notable jump of 10.0% in sales in B.C. and to a lesser extent by increases in Manitoba (1.2%), Ontario (1.1%) and Quebec (0.8%). Despite signs of stabilization, the level of sales in Canada remains very low on a historical basis and has declined by 39.5% since the start of the monetary tightening. As we expect the Bank of Canada to keep its policy rate at its current restrictive level for most of 2023, the outlook for a recovery in the housing market remains limited. As a result, sales are expected to remain below their historical average in the coming months and it is still too early to interpret recent increases in sales as a rebound in the housing Market. On the supply side, new listings dropped by 5.8% in the month, a seventh decrease in nine months. Still, we continue to see that there is a high proportion of sellers who are changing their minds, as we estimate that 19% of listings have been withdrawn in the last three months. Overall, supply decreased in Canada as testified by the number of months of inventory (active-listings to sales) decreasing from 4.1 to 4.9 in March. This remains up from the trough of 1.7 reached in the pandemic but remains low on a historical basis. As a result, the active-listings to sales ratio is still tighter than its historical average in the majority of Canadian provinces, with only Manitoba indicating a ratio above average. On a year-over-year basis, home sales were down 34.4% compared to the second-strongest month of March in history last year. Sales were down in every province on a year-over-year basis, with the largest decline observed in Alberta (-41.3%) and the smallest in Saskatchewan (-20.2%). For the first quarter of 2023, cumulative sales were down 37.0% compared to the same period last year. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-canada.pdf

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

4/12/2023

The Bank of Canada today held its target for the overnight rate at 4%, with the Bank Rate at 4% and the deposit rate at 4%. The Bank is also continuing its policy of quantitative tightening. Inflation in many countries is easing in the face of lower energy prices, normalizing global supply chains, and tighter monetary policy. At the same time, labour markets remain tight and measures of core inflation in many advanced economies suggest persistent price pressures, especially for services. Global economic growth has been stronger than anticipated. Growth in the United States and Europe has surprised on the upside, but is expected to weaken as tighter monetary policy continues to feed through those economies. In the United States, recent stress in the banking sector has tightened credit conditions further. US growth is expected to slow considerably in the coming months, with particular weakness in sectors that are important for Canadian exports. Meanwhile, activity in Chinas economy has rebounded, particularly in services. Overall, commodity prices are close to their January levels. The Banks April Monetary Policy Report (MPR) projects global growth of 2.6% this year, 2.1% in 2024, and 2.8% in 2025. In Canada, demand is still exceeding supply and the labour market remains tight. Economic growth in the first quarter looks to be stronger than was projected in January, with a bounce in exports and solid consumption growth. While the Banks Business Outlook Survey suggests acute labour shortages are starting to ease, wage growth is still elevated relative to productivity growth. Strong population gains are adding to labour supply and supporting employment growth while also boosting aggregate consumption. Housing market activity remains subdued. https://www.bankofcanada.ca/2023/04/fad-press-release-2023-04-12/?fbclid=IwAR0a-4yHJVIhZA_NbWespXWZn49Q7XwhCTvrCV92O8ATLiiGCG0Rwi0K6Vg

READ MORE

Canadian home sales rise in February despite drop in new supply

4/5/2023

Statistics released by the Canadian Real Estate Association (CREA) show national home sales were up on a month-over-month basis in February 2023. Highlights: National home sales rose 2.3% month-over-month in February. Actual (not seasonally adjusted) monthly activity came in 40% below February 2022. The number of newly listed properties dropped 7.9% month-over-month. The MLS Home Price Index (HPI) edged down 1.1% month-over-month and was down 15.8% year-over-year. The actual (not seasonally adjusted) national average sale price posted an 18.9% year-over-year decline in February. Home sales recorded over Canadian MLS Systems posted a 2.3% increase from January to February 2023. Gains were led by the Greater Toronto Area (GTA) and Greater Vancouver. The actual (not seasonally adjusted) number of transactions in February 2023 came in 40% below an incredibly strong month of February in 2022. The February 2023 sales figure was comparable to what was seen for that month in 2018 and 2019. https://stats.crea.ca/en-CA

READ MORE

Home sales up in February, while new listings still down

3/30/2023

Summary On a seasonally adjusted basis, home sales increased 2.3% from January to February, a third monthly gain in five months. The increase was widespread across provinces, with only Manitoba (-7.9%), Nova Scotia (-0.9%), and Alberta (-0.4%) registering decreases. On the supply side, new listings dropped by 7.9% in the month, a sixth decrease in eight months. Still, we continue to see that there is a high proportion of sellers who are changing their minds, as we estimate that about one in five listings have been withdrawned in the last three months. Overall, supply decreased slightly in Canada as testified by the number of months of inventory (active listings to sales) decreasing from 4.2 to 4.1 in February. This remains up from the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio is still tighter than its historical average in the majority of Canadian provinces, with only B.C. and Manitoba indicating a ratio above average. Housing starts in Canada increased in February (+27.4K to 244.0K, seasonally adjusted and annualized), which was above consensus expectations calling for a 220K print. This jump almost fully erased Januarys 32.4K pullback. In urban areas, increases in housing starts were seen in Ontario (+26.4K to 98.4K), the Prairies (+10.5K to 43.8K), Quebec (+5.1K to 40.4K) and the Maritimes (+0.8K to 5.8K). Starts in BC (-12.8K to 33.7K), meanwhile, declined to their lowest level since March 2022 on a weakness in multiples (-12.3K to 28.4K) while single units starts were essentially steady (-0.5K to 5.3K). The Teranet-National Bank Composite National House Price Index decreased by 0.5% in February compared to the previous month and after seasonal adjustment, the tenth consecutive monthly decrease. After seasonal adjustment, 7 of the 11 markets in the composite index were down during the month: Toronto (-2.7%), Calgary (-2.4%), Halifax (-1.8%), Edmonton (-0.8%), Hamilton (-0.3%), Montreal (-0.3%) and Ottawa-Gatineau (-0.2%). Conversely, prices increased in Vancouver (+3.8%), Victoria (+1.9%) and Quebec City (+0.1%). while they remained stable in Winnipeg. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

Canada: Prices still down in February

3/20/2023

From National Bank of Canada The Teranet-National Bank Index continued to decline in February so that the cumulative decline in prices since their peak in May 2022 totaled 11.2%, the largest contraction in the index ever recorded. The current decline in prices has even surpassed the 9.2% loss in value that occurred during the 2008 financial crisis. With the Bank of Canada expected to keep its policy rate in restrictive territory well into 2023 and mortgage rates remaining high, we believe that the impact on property prices should continue to be felt in the coming months. All in all, we still anticipate a total correction of about 15% nationally by the end of 2023, but this assumes that policy rate hikes are over and declines begin at year-end. Although corrections are being seen in all markets covered by the index, the CMAs that have seen the largest price growth over the past two years are also those that have seen the largest declines to date. Ontario, British Columbia and the Maritimes thus appear to be more vulnerable, while the Prairie markets are less vulnerable, as affordability issues are less acute. HIGHLIGHTS: The Teranet-National Bank Composite National House Price Index decreased by 0.5% in February compared to the previous month and after seasonal adjustment, the tenth consecutive monthly decrease. After seasonal adjustment, 7 of the 11 markets in the composite index were down during the month: Toronto (-2.7%), Calgary (-2.4%), Halifax (-1.8%). Edmonton (-0.8%), Hamilton (-0.3%), Montreal (-0.3%) and Ottawa-Gatineau (-0.2%). Conversely, prices increased in Vancouver (+3.8%), Victoria (+1.9%) and Quebec City (+0.1%), while they remained stable in Winnipeg. From February 2022 to February 2023, the composite index decreased by 4.7%, the second consecutive month in which the annual change in the index was in negative territory. Price increases in Calgary (8.8%), Quebec (5.0%). Edmonton (1.9%) and Montreal (0.8%) were entirely offset by decreases in Victoria (-1.4%), Ottawa-Gatineau (-2.3%), Winnipeg (-2.7%), Halifax (-3.2%), Vancouver (-3.9%), Toronto (-8.8%), and Hamilton (-14.0%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

Housing affordability: First improvement in over 2 years

3/14/2023

For the first time in 9 quarters, housing affordability improved in Canada. Not only was it the largest improvement in over 3 years, but it also ended the longest sequence of declining home affordability since the 1986-89 episode. Still, that is not to say that the median home is now affordable in Canada as the mortgage payment as a percentage of income (MPPI) registered at 64.6%, the second highest level since 1981. Feeding into the refinement, home prices declined for a second consecutive quarter and did so at the fastest pace since 1990. Although our 5-year benchmark mortgage rate used to calculate affordability rose by 17 bps in the fourth quarter, that was more than compensated for by falling prices and still rising incomes. The slight rise in rates nonetheless brought the benchmark rate to its highest level since 2008. Preliminary data for the first quarter of 2023 as well as our outlook for monetary policy in Canada suggest that we may be peaking in terms of mortgage interest rates. The current level for interest rates is restrictive and signals that home price declines are not over yet. Moreover, incoming data for the first quarter of 2023 confirms that prices have weakened while resale market data from CREA indicates that sales have significantly declined with listings concurrently increasing. Given our view for further declines in home price and decreasing mortgage rates, we expect affordability to improve in the coming quarters. HIGHLIGHTS: Canadian housing affordability improved for the first time in 9 quarters in Q422. The mortgage payment on a representative home as a percentage of income (MPPI) declined 2.1 points, a pullback from the 4.0-point increase in Q322. Seasonally adjusted home prices decreased 3.9% in Q422 from Q322; the benchmark mortgage rate (5-year term) rose 17 bps, while median household income rose 1.0%. Affordability improved in 8 of the ten markets covered in Q4. On a sliding scale of markets from best improvement to deterioration: Victoria, Hamilton, Toronto, Vancouver, Ottawa-Gatineau, Montreal, Winnipeg, Quebec, Edmonton, Calgary. This was the first time in 9 quarters that a majority of markets improved. Countrywide, affordability improved 0.6 pp in the condo portion vs. a 2.9 pp improvement in the non-condo segment. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

3/8/2023

The Bank of Canada today held its target for the overnight rate at 4%, with the Bank Rate at 4% and the deposit rate at 4%. The Bank is also continuing its policy of quantitative tightening. Global economic developments have evolved broadly in line with the outlook in the January Monetary Policy Report (MPR). Global growth continues to slow, and inflation, while still too high, is coming down due primarily to lower energy prices. In the United States and Europe, near-term outlooks for growth and inflation are both somewhat higher than expected in January. In particular, labour markets remain tight, and elevated core inflation is persisting. Growth in China is rebounding in the first quarter. Commodity prices have evolved roughly in line with the Banks expectations, but the strength of Chinas recovery and the impact of Russias war in Ukraine remain key sources of upside risk. Financial conditions have tightened since January, and the US dollar has strengthened. In Canada, economic growth came in flat in the fourth quarter of 2022, lower than the Bank projected. With consumption, government spending and net exports all increasing, the weaker-than-expected GDP was largely because of a sizeable slowdown in inventory investment. Restrictive monetary policy continues to weigh on household spending, and business investment has weakened alongside slowing domestic and foreign demand. The labour market remains very tight. Employment growth has been surprisingly strong, the unemployment rate remains near historic lows, and job vacancies are elevated. Wages continue to grow at 4% to 5%, while productivity has declined in recent quarters. Inflation eased to 5.9% in January, reflecting lower price increases for energy, durable goods and some services. Price increases for food and shelter remain high, causing continued hardship for Canadians. With weak economic growth for the next couple of quarters, pressures in product and labour markets are expected to ease. This should moderate wage growth and also increase competitive pressures, making it more difficult for businesses to pass on higher costs to consumers. https://www.bankofcanada.ca/2023/03/fad-press-release-2023-03-08/?fbclid=IwAR2176FL0YpgrqcA-0CAxpkw1SEwR7InkZY3Pb1NZxGjS9tc70Bw6ARkj-Q

READ MORE

Home sales continue their downward trend in January

3/1/2023

On a seasonally adjusted basis, home sales decreased 3.0% from December to January, a second monthly decline in three months. As a result, sales slipped to their lowest level since August 2010 (excluding the pandemic). As the Bank of Canada raised its policy rate in January and is expected to keep monetary conditions restrictive for most of 2023, the resale market could experience further declines in the months ahead and remain at a level of activity well below its historical overage. Adding to the weakness of the report, the decrease in sales was widespread across provinces, with only Ontario (+0.4%) and PEI (+6.0%) registering increases. On the supply side, new listings were up 3.3% in the month, a first increase in three months and the fastest one since February 2022. Still, we continue to see that there is a high proportion of sellers who are changing their minds, as we estimate that about one in five listings are withdrawn during the month. Despite this, the increase in listings combined to the low level of sales is allowing supply to rise in Canada as testified by the number of months of inventory increasing from 4.1 to 4.3 in January. This is up from the trough of 1.7 reached in the pandemic but remains low on a historical basis. As a result, the active-listing to sales ratio is easing but is still tighter than its historical average in the majority of Canadian provinces, with only B.C. and Manitoba indicating a ratio above average. On a year-over-year basis, home sales were down 39.4% compared to the second-strongest month of January in history last year. Sales were down in every province on a year-over- year basis, with the largest decline observed in B.C. (-49.0%) and the smallest in Newfoundland (-13.5%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-canada.pdf

READ MORE

Canadian home sales begin 2023 at 14-year low

2/24/2023

Statistics released by the Canadian Real Estate Association (CREA) show national home sales were down on a monthover-month basis in January 2023. Highlights: National home sales declined 3% month-over-month in January. Actual (not seasonally adjusted) monthly activity came in 37.1% below January 2022. The number of newly listed properties rose 3.3% month-over-month. The MLS Home Price Index (HPI) declined by 1.9% month-over-month and was down 12.6% year-over-year. The actual (not seasonally adjusted) national average sale price posted an 18.3% decline year-over-year in January. https://stats.crea.ca/en-CA/

READ MORE

CMHC Rental Market Report

2/14/2023

Growth in demand outpaced strong growth in supply, pushing the vacancy rate for purpose-built rental apartments down from 3.1% to 1.9%. This was the vacancy rates lowest level since 2001. Rent growth, for its part, reached a new high. Rental demand surged across the country. This was a reflection of higher net migration and the return of students to on-campus learning. Another factor was higher mortgage rates, which drove up already-elevated costs of homeownership. Despite higher overall supply, the share of rental units that are affordable for the lowest-income renters is, in most markets, in the low single digits or too low to report. This is especially true in Ontario and British Columbia (B.C.). New data: Average rent growth for 2-bedroom units that turned over to a new tenant was well above average rent growth for units without turnover (18.2% vs. 2.8%). This increased affordability challenges. https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/rental-market-report/rental-market-report-2022-en.pdf?rev=2a0ed640-6c4c-435d-b13a-0faca94c0667

READ MORE

Historic loss of value in the residential market

2/1/2023

From National Bank of Canada The Teranet-National Bank HPI continued to decline in December so that the cumulative drop in prices since their peak in May 2022 totaled 10.0%, the largest contraction in the index ever recorded. The current decline in prices has even surpassed the 9.2% loss in value that occurred during the 2008 financial crisis. However, there is some consolation in that the seasonally adjusted monthly decrease in prices in December was less significant than in November, going from -1.0% to -0.3%. With the Bank of Canada raising its key interest rate again in December and mortgage rates remaining high, we believe that the impact on property prices should continue to be felt in the coming months. All in all, we still expect the total correction to be limited to about 15% nationally by the end of 2023, but this assumes that policy rate hikes are coming to an end and that declines occur in the second half of 2023. Although corrections are occurring in all markets covered by the index (except Lethbridge), the CMAs that have experienced the largest price growth over the past two years are also the ones that have experienced the largest declines to date. Ontario, British Columbia and the Maritimes therefore appear to be more vulnerable, while the Prairie markets are less so, helped by a buoyant economic environment. HIGHLIGHTS: The Teranet-National Bank Composite National House Price Index decreased by 0.3% in December compared to the previous month and after adjusting for seasonal effects, the sixth consecutive monthly decrease. After adjusting for seasonal effects, 6 of the 11 markets in the composite index were down during the month: Winnipeg (-1.8%), Calgary (-1.1%), Ottawa-Gatineau (-1.1%), Edmonton (-0.9%), Montreal (-0.5%) and Toronto (-0.4%). Conversely, the Quebec City (+1.3%), Victoria (+1.1%), Hamilton (+0.8%), Halifax (+0.4%) and Vancouver (+0.1%) markets were up. From December 2021 to December 2022, the composite index remained stable, the first time since the financial crisis of 2008-09 that the index did not increase over one year. Price increases in Calgary (12.4%), Edmonton (6.3%), Halifax (4.7%), Quebec City (4.7%} and Montreal (2.5%) were entirely offset by decreases in Victoria (-0.1%), Ottawa-Gatineau (-1.0%), Vancouver (-1.5%), Toronto (-1.9%), Winnipeg (-2.0%) and Hamilton (-2.9%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

1/25/2023

The Bank of Canada today increased its target for the overnight rate to 4%, with the Bank Rate at 4% and the deposit rate at 4%. The Bank is also continuing its policy of quantitative tightening. Global inflation remains high and broad-based. Inflation is coming down in many countries, largely reflecting lower energy prices as well as improvements in global supply chains. In the United States and Europe, economies are slowing but proving more resilient than was expected at the time of the Banks October Monetary Policy Report (MPR). Chinas abrupt lifting of COVID-19 restrictions has prompted an upward revision to the growth forecast for China and poses an upside risk to commodity prices. Russias war on Ukraine remains a significant source of uncertainty. Financial conditions remain restrictive but have eased since October, and the Canadian dollar has been relatively stable against the US dollar. The Bank estimates the global economy grew by about 3% in 2022, and will slow to about 2% in 2023 and 2% in 2024. This projection is slightly higher than Octobers. In Canada, recent economic growth has been stronger than expected and the economy remains in excess demand. Labour markets are still tight: the unemployment rate is near historic lows and businesses are reporting ongoing difficulty finding workers. However, there is growing evidence that restrictive monetary policy is slowing activity, especially household spending. Consumption growth has moderated from the first half of 2022 and housing market activity has declined substantially. As the effects of interest rate increases continue to work through the economy, spending on consumer services and business investment are expected to slow. Meanwhile, weaker foreign demand will likely weigh on exports. This overall slowdown in activity will allow supply to catch up with demand. https://www.bankofcanada.ca/2023/01/fad-press-release-2023-01-25/

READ MORE

Slight increase in home sales in December

1/20/2023

Summary On a seasonally adjusted basis, home sales increased 1.3% from November to December, a second monthly gain in ten months. Despite this relative stabilization of the market in December, sales were still down 37.8% from their February 2022 level. New listings were down 6.4% from November to December, a fifth contraction in six months which shows that both buyers and sellers remain on the sidelines in the current market environment. It should also be noted there is still a high proportion of sellers who are changing their minds, as we estimate that about one in five listings are withdrawn during the month. The low level of sales is still allowing supply to rebuild, with the number of months of inventory increasing from 4.1 to 4.2 in December. While easing, market conditions are still pointing in the direction of a favourable to sellers market with supply still very low on a historical basis. Housing starts fell 14.4K in December to a 9-month low of 248.6K (seasonally adjusted and annualized). Urban starts dropped 12.9K to 227.7K on declines in both the single-family (-5.5K to a post-pandemic low of 44.9K) and the multi-family segment (-7.4K to 182.9K). The Teranet-National Bank Composite National House Price Index decreased by 0.3% in December compared to the previous month and after adjusting for seasonal effects, the sixth consecutive monthly decrease. After adjusting for seasonal effects, 6 of the 11 markets in the composite index were down during the month: Winnipeg (-1.8%), Calgary (-1.1%), Ottawa-Gatineau (-1.1%), Edmonton (-0.9%). Montreal (-0.5%) and Toronto (-0.4%). Conversely, the Quebec City (+1.3%), Victoria (+1.1%). Hamilton (+0.8%), Halifax (+0.4%) and Vancouver (+0.1%) markets were up. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

What’s Happening in Canadian Housing Markets as We Head into 2023?

1/11/2023

Sales in November were down 3.3% on a month-over-month basis, rejoining the trend of moderating sales that began back in February. The Aggregate Composite MLS Home Price Index (HPI) edged down 1.4% on a month-over-month basis in November, which, as with sales activity, continues the trend that began in the spring. The national MLS HPI now sits about 11.5% below its peak level but there are considerable regional differences. While prices are down more in Ontario and parts of British Columbia, they have softened to some degree almost everywhere. Calgary, Regina and Saskatoon stand out as markets where home prices are barely off their peaks. https://www.creacafe.ca/whats-happening-in-canadian-housing-markets-as-we-head-into-2023/

READ MORE

Canada: Prices down from their peak across the country

1/5/2023

From National Bank of Canada For the first time since the financial crisis of 2008, all of the cities covered by the Teranet-National Bank HPI have seen prices decline from their peak reached over the past 12 months, marking the end of a prosperous period for the Canadian real estate market. Indeed, price declines were observed in all markets covered, with the last cities on the list to experience contractions being Calgary, Edmonton, Lethbridge and Trois-Rivieres. Since its peak in May 2022, the national composite index has already fallen by 9.0%, almost as much as during the last financial crisis (-9.2%). With the Bank of Canada raising its key interest rate again in December and mortgage rates remaining high, we believe that the impact on property prices should continue to be felt in the coming months. All in all, we still anticipate a total correction of about 15% in house prices nationally by the end of 2023, assuming that the policy rate does not increase further and begins to decline in the second half of 2023. Although corrections are being observed in the vast majority of markets covered by the index, the CMAs that have experienced the most significant price growth over the past two years are also those that have recorded the sharpest declines to date. Ontario, British Columbia, and the Maritimes therefore appear to be more vulnerable, while the Prairie markets are less so, helped by a buoyant economic context. HIGHLIGHTS: The Teranet-National Bank Composite National House Price Index decreased by 1.1% in November compared to the previous month and after adjusting for seasonal effects, a fifth consecutive monthly decrease. After adjusting for seasonal effects, 8 of the 11 markets in the composite index were down during the month: Montreal (-2.2%), Hamilton (-1.9%), Vancouver (-1.5%), Ottawa-Gatineau (-1.3%), Winnipeg (-1.1%), Quebec City (-1.1%), Toronto (-0.9%) and Calgary (-0.8%). Conversely, the Halifax (+1.6%), Victoria (+0.9%) and Edmonton (+0.3%) markets were up. From November 2021 to November 2022, the composite index increased by 2.0%, the lowest annual growth since November 2019. This growth was driven by Calgary (14.6%), Edmonton (7.6%), Halifax (6.2%), Quebec City (5.7%), Montreal (4.7%) and Victoria (3.0%). Growth was lower than average in Winnipeg (1.2%), Vancouver (0.7%) and Ottawa-Gatineau (0.4%), while it remained stable in Toronto and was down in Hamilton (-0.9%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-teranet.pdf

READ MORE

The housing market resumed its downward trend in November

12/28/2022

Summary On a seasonally adjusted basis, home sales decreased 3.3% from October to November, an eighth monthly decline in nine months. After recording a gain in October, the real estate market has resumed its downward trend of recent months, accumulating a decline in sales of 38.8% since their February level. New listing were down 1.3% from October to November, a fourth contraction in five months which shows that both buyers and sellers remain on the sidelines in the current market environment. It should also be noted that a very high proportion of sellers are changing their minds, while we estimate that about one in five listings are withdrawn during the month. The level of sales is still allowing supply to rebuild, with the number of months of inventory increasing from 3.9 to 4.2 in November. While easing, market conditions are still pointing in the direction of a favourable to sellers market with supply still very low on a historical basis. Housing starts were essentially steady in November at a level way above historical trends (-0.4K to 264.2K, seasonally adjusted and annualized). This was better than consensus expectations calling for a decline. That said, the prior months result was revised downwards from 267.1 to 264.6K. The Teranet-National Bank Composite National House Price lndexTM decreased by 1.1% in November compared to the previous month and after adjusting for seasonal effects, a fifth consecutive monthly decrease. After adjusting for seasonal effects, 8 of the 11 markets in the composite index were down during the month: Montreal (-2.2%), Hamilton (-1.9%), Vancouver (-1.5%), Ottawa-Gatineau (-1.3%), Winnipeg (-1.1%), Quebec City (-1.1%), Toronto (-0.9%) and Calgary (-0.8%). Conversely, the Halifax (+l.6%), Victoria (+0.9%) and Edmonton (+0.3%) markets were up. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

READ MORE

Residential Mortgage Industry Report - Fall 2022 Edition

12/15/2022

From CMHC In this Fall 2022 edition, we find the following: Recent mortgage market trends Mortgage growth slowed down as interest rates hiked in the second quarter of 2022. Mortgage consumers are increasingly turning back to fixed rates as interest rates rapidly increase and the discount on variable interest rates vanishes. Declining ratios of mortgage loan approvals to applications show it is increasingly difficult for potential borrowers to get qualified for loans subject to the stress test. The share of mortgages in arrears (i.e. delinquent for 90 days or more) have continued to trend downwards across all types of lenders. Housing Finance Research at-a-glance In the third quarter of 2022, consumers without a mortgage registered notable delinquency rate increases in auto loans and credit cards. Mortgage lending growth by alternative lenders outpaces conventional lenders. Their portfolio metrics indicate a decreasing risk profile. Mortgage borrowers in the alternative lending space are more likely to renew their loans as it becomes harder to qualify with traditional lenders. https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/housing-research/research-reports/housing-finance/residential-mortgage-industry-report/2022/residential-mortgage-industry-report-fall-2022-en.pdf?rev=239fc8ea-a885-430f-97fe-dd700161d872

READ MORE

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

12/7/2022

The Bank of Canada today increased its target for the overnight rate to 4%, with the Bank Rate at 4% and the deposit rate at 4%. The Bank is also continuing its policy of quantitative tightening. Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR). In the United States, the economy is weakening but consumption continues to be solid and the labour market remains overheated. The gradual easing of global supply bottlenecks continues, although further progress could be disrupted by geopolitical events. In Canada, GDP growth in the third quarter was stronger than expected, and the economy continued to operate in excess demand. Canadas labour market remains tight, with unemployment near historic lows. While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline. Overall, the data since the October MPR support the Banks outlook that growth will essentially stall through the end of this year and the first half of next year. CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%. Three-month rates of change in core inflation have come down, an early indicator that price pressures may be losing momentum. However, inflation is still too high and short-term inflation expectations remain elevated. The longer that consumers and businesses expect inflation to be above the target, the greater the risk that elevated inflation becomes entrenched. https://www.bankofcanada.ca/2022/12/fad-press-release-2022-12-07/

READ MORE

Housing affordability: Back to the 1980s!

12/2/2022

From National Bank of Canada We remain in the midst of the longest sequence of declining home affordability since the 1986-1989 episode (11 quarters). The magnitude of the deterioration, however, is much more pronounced this time (25.5 p.p. vs. 20.2 p.p. in the 1980s). As a result, the mortgage ona representative home in Canada now takes 67.3% of income to service, the most since 1981. A first since the second quarter of 2019 is the downturn in housing prices that has mitigated slightly the impact on affordability of still rising mortgage rates. Our 5-year benchmark mortgage rate used to calculate our affordability metrics rose 75 bps in the third quarter of the year. While this surge was less significant than the one observed in the previous quarter, it propelled the benchmark mortgage rate to its highest level since 2010. To give an idea of scale, all else being equal, a 75-bps increase represents an extra 300$ (or an 8.1% increase) on the monthly mortgage payment for a representative home in Canada. With our affordability indexes at extreme levels in most markets, we see further declines in housing prices. The slowdown in real estate activity in several markets is expected to result in a cumulative 15% decline in home prices in 2023 from the peak (-7.7% to date). This, combined with a stabilization of the benchmark 5-year mortgage rate, should improve affordability in the coming quarters. HIGHLIGHTS: Canadian housing affordability deteriorated for a seventh consecutive quarter in Q322. The mortgage payment on a representative home as a percentage of income (MPPI) rose 3.8 points, a deceleration from the 10.2-point increase in Q222. Seasonally adjusted home prices decreased 1.1% in Q322 from Q222; the benchmark mortgage rate (5-year term) rose 75 bps, while median household income rose 0.9%. Affordability deteriorated in all the ten markets covered in Q3. On a sliding scale of markets from worst deterioration to least: Vancouver, Victoria, Calgary, Montreal, Toronto, Quebec, Edmonton, Ottawa-Gatineau, Hamilton, Winnipeg. This was the seventh consecutive quarter with a worsening in all markets. Countrywide, affordability deteriorated 2.7 pp in the condo portion vs. a 4.8 pp deterioration in the non-condo segment. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

READ MORE

The housing market has stabilized in October

11/24/2022

Summary On a seasonally adjusted basis, home sales increased 1.3% from September to October, the first monthly gains in eight months. Despite this growth in sales, this should not be seen as the beginning of an upward trend, but more like a stabilization of the market, with sales now 35.6% below their February level. This is the first time in four months that new listings are up with an increase of 2.2% from September to October. Despite the increase in soles, the increase in new listings allowed supply to accumulate, resulting in the number of months of inventory increasing from 3.7 to 3.8 in October. We are not yet seeing a large influx of sellers at this time, so supply is still very low on a historical basis and market conditions are still pointing in the direction of a favourable to sellers market. This situation is also present in the majority of Canadian provinces, while only B.C. and Manitoba close to indicating a favourable to buyers market. Housing starts declined by 31.8K in October to 267.1K (seasonally adjusted and annualized) after having reached their highest level for 2022 in the prior month while the consensus was calling for a decline to 275K. Storts continued to be well above their long-term average, despite still increasing interest rates. The Teranet-National Bank Composite National House Price Index decreased by 0.8% in October compared to the previous month and after seasonal adjustments. Nine of the 11 markets in the composite index were down during the month: Halifax (-4.7%), Hamilton (-2.8%), Winnipeg (-2.4%), Victoria (-2.0%), Quebec City (-1.7%), Toronto (-1.1%), Ottawo-Gotineau (-1.1%), Montreal (-1.0%) and Vancouver (-0.3%). Conversely, the Calgary (+1.8%) and Edmonton (+2.0%) markets were still up. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf

READ MORE

Canadian home sales edge up from September to October

11/18/2022

Statistics released by the Canadian Real Estate Association (CREA) show national home sales edged a little higher in October 2022. HIGHLIGHTS National home sales were up 1.3% on a month-over-month basis in October. Actual (not seasonally adjusted) monthly activity came in 36% below October 2021. The number of newly listed properties edged up 2.2% month-over-month. The MLS Home Price Index (HPI) declined by 1.2% month-over-month and was down 0.8% year-over-year. The actual (not seasonally adjusted) national average sale price posted a 9.9% year-over-year decline in October. https://stats.crea.ca/en-CA/

READ MORE

Teranet-National Bank House Price Index - Canada: A second consecutive record decline in September

11/10/2022

From National Bank of Canada In September, the seasonally adjusted composite index fell by 2.0%, matching the previous months record decline and representing a fifth consecutive monthly contraction. Since its peak in May, the composite index (not seasonally adjusted) has already declined by 7.0%, whereas during the 2008 financial crisis, prices fell by only 6.2% over the same period and by 9.2% in total over eight months. In a context where monetary policy will continue to be tightened in the coming months, house prices should continue their contraction and exceed that experienced during the financial crisis of 2008. Indeed, we anticipate a record cumulative decline of about 15% nationally by the end of 2023, assuming a policy rate that tops out around 4.0% and a Bank of Canada that throws some weight behind lowering rates in the second half of 2023. Although corrections are observed in the vast majority of markets covered by the index, the CMAs that have experienced the most significant price growth over the past two years are also those that have experienced the most significant declines to date. As a result, the price correction is expected to be more significant in Ontario, British Columbia and the Maritimes, while it is expected to be less significant in the Prairies, which are favoured by a buoyant economic environment. HIGHLIGHTS: The Teranet-National Bank Composite National House Price Index decreased by 2.0% in September compared to the previous month and after seasonal adjustments. After adjusting for seasonal effects, 8 of the 11 markets in the composite index were down during the month: Victoria (-5.9%), Vancouver (-3.5%), Hamilton (-2.1%), Montreal (-1.9%), Toronto (-1.8%), Winnipeg (-1.7%), Ottawa-Gatineau (-1.0%), and Quebec City (-0.1%). Conversely, the Calgary (+1.2%), Halifax (+1.1%) and Edmonton (+0.2%) markets were still up. From September 2021 to September 2022, the composite index increased by 6.0%. This growth was driven by Halifax (16.4%), Calgary (14 .7%) and Montreal (10.5%). Growth was lower than average in Winnipeg (5.9%). Hamilton (5.6%), Edmonton (5.6%), Ottawa-Gatineau (5.0%), Victoria (4.7%), Toronto (4.5%) and Vancouver (3.9%). https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-teranet.pdf

READ MORE

Canada: Home sales and new listings continued to slide in September

11/4/2022

From National Bank of Canada On a seasonally adjusted basis, home sales fell 3.9% from August to September, bringing the level of sales 18.9% below its 10-year average. This was the seventh consecutive decline for this indicator, with sales down a cumulative 36.2% between February and September. Declines were observed in every province and in 60% of all local markets. We expect the current moderation in sales to continue going forward as the Bank of Canada continues to increase its overnight rate in restrictive territory. The rapid rise in interest rates by the central bank is certainly limiting the purchasing capacity of households while also having a psychological effect on some buyers who are waiting to see how high rates will stabilize before taking action. Rising interest rates and the slowdown in the market did not provoke an influx of sellers for the moment. On the contrary, new listings declined 0.8% between August and September, a third monthly drawback in a row. Overall, the number of months of inventory rose from 3.5 to 3.7 months in September, the highest level since May 2020. Based on the active-listings-to-sales ratio, market conditions loosened in the country and are still indicating a balanced market. Six provinces out of 10 are now in balanced territory: B.C., Alberto, Saskatchewan, Manitoba, Ontario and P.E.. The others continued to indicate market conditions favourable to sellers mainly due to lack of supply. On a year-over-year basis, home sales were down 32.2% compared to the second-strongest month of September in history last year. Sales were down in every province on a year-over-year basis, with the largest decline observed in B.C. (-45.2%) and the smallest in Saskatchewan (-7.3%). For the first three quarters of 2022, cumulative sales were down 21.9% compared to the same period in 2021. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf

READ MORE

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

10/27/2022

The Bank of Canada today increased its target for the overnight rate to 3%, with the Bank Rate at 4% and the deposit rate at 3%. The Bank is also continuing its policy of quantitative tightening. Inflation around the world remains high and broadly based. This reflects the strength of the global recovery from the pandemic, a series of global supply disruptions, and elevated commodity prices, particularly for energy, which have been pushed up by Russias attack on Ukraine. The strength of the US dollar is adding to inflationary pressures in many countries. Tighter monetary policies aimed at controlling inflation are weighing on economic activity around the world. As economies slow and supply disruptions ease, global inflation is expected to come down. In the United States, labour markets remain very tight even as restrictive financial conditions are slowing economic activity. The Bank projects no growth in the US economy through most of next year. In the euro area, the economy is forecast to contract in the quarters ahead, largely due to acute energy shortages. Chinas economy appears to have picked up after the recent round of pandemic lockdowns, although ongoing challenges related to its property market will continue to weigh on growth. Overall, the Bank projects that global growth will slow from 3% in 2022 to about 1% in 2023, and then pick back up to roughly 2% in 2024. This is a slower pace of growth than was projected in the Banks July Monetary Policy Report (MPR). In Canada, the economy continues to operate in excess demand and labour markets remain tight. The demand for goods and services is still running ahead of the economys ability to supply them, putting upward pressure on domestic inflation. Businesses continue to report widespread labour shortages and, with the full reopening of the economy, strong demand has led to a sharp rise in the price of services. https://www.bankofcanada.ca/2022/10/fad-press-release-2022-10-26/

READ MORE

CMHL Housing Supply Report - Canadian Metropolitan Areas

10/20/2022

Highlights After a boom recorded last year, housing starts in the countrys six largest census metropolitan areas (CMAs) fell 5% in the first half of 2022. The decrease observed for apartments (-9%) is the main cause of this drop. On an annualized basis, however, housing starts in the first half of 2022 remained high compared to the level of construction over the past five years. Additionally, there was a lot of contrast between the six urban centres studied. Indeed, in the first half of the year, housing starts were up in Edmonton, Calgary and Toronto, while declines were observed in Vancouver, Ottawa and Montral. The effects of rising interest rates and construction costs could have an even greater impact on housing starts in the coming months. New data on physical construction time for housing reveal important differences across centres and dwelling types, which has an impact on the affordability of the end product. Cities that build a lot of large, tall apartment structures will risk having housing construction sectors that are less responsive to a rapid need for new housing units. This is consistent with what is observed in Vancouver and Toronto. Low-rise apartment structures, such as those built in abundance in Montral, take much less time to build than taller apartment structures with a similar number of units. https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/housing-supply-report/housing-supply-report-2022-11-en.pdf?rev=74c50e35-d0a7-4131-b6a5-5829967ed5d1

READ MORE

The road ahead for the economy and housing — fall 2022 update

10/14/2022

Highlights Inflationary pressures have been stronger and more persistent than expected since we published our Housing Market Outlook in April 2022. This has led to significantly sharper than predicted interest rate hikes in Canada and other economies. Interest rates are expected to rise further given the need to reduce inflation. The Canadian economy will enter a modest recession by the end of 2022 and start recovering in the second half of 2023. The national house price is expected to decline by close to 15% by Q2 2023 from its historical peak in Q1 2022 as housing demand slows with rising interest rates and deteriorating economic and income conditions. Despite this house price decline, ownership affordability will not improve as the benefit from lower prices will be offset by rising interest rates. Rental affordability pressures will increase with rental demand as fewer renter households can access ownership. https://www.cmhc-schl.gc.ca/en/blog/2022/road-ahead-economy-housing-fall-2022-update

READ MORE

To buy or to rent: The housing market continues to be reshaped by several factors as Canadians search for an affordable place to call home

10/13/2022

The homeownership rate falls The proportion of Canadian households who own their homeor the homeownership rate (66.5% in 2021)is on the decline in Canada after peaking in 2011 (69.0%). The growth in renter households (+21.5%) is more than double the growth in owner households (+8.4%). Adults under the age of 75 were less likely to own their home in 2021 than adults in that age range a decade earlierespecially young millennials aged 25 to 29 years (36.5% in 2021 vs. 44.1% in 2011). A large share of newer builds are rentals Recently built dwellings are increasingly likely to be occupied by renters40.4% of the housing built in the five years ending in 2021 was tenant-occupied, the highest tenant rate next to that of dwellings built in the 1960s post-war apartment boom, at 44.5%. Over one-third of recently built dwellings, those constructed from 2011 to 2021, were occupied and primarily maintained by millennial (36.6%) renters or owners in 2021, the largest share of any generation. Millennials also represented the largest share of condominium occupants (30.2%) compared with the other generations. The share of condominiums continues to rise The rising trend of condominium construction continuesthe share of occupied dwellings that are condominiums edged up from 13.3% in 2016 to 15.0% in 2021. Most condominiums (90.0%) are located in Canadas large cities, known as census metropolitan areas (CMAs). In Canadas CMAs, condominiums made up 39.9% of the occupied stock in the primary downtowns in 2021, and half of these downtown condos were being rented out by investors. Home values continue to surge through 2021 Expected home values rose in large and small municipalities (census subdivisions [CSDs]) in Ontario and British Columbia from 2016 to 2021. Among CSDs, 77.8% in Ontario and 46.1% in British Columbia saw the average expected value of homes rise by over 50%. Differences in the impact of temporary COVID-19 benefits on household incomesfor renters and for homeownerswere a key contributor to the different degrees of improvement in housing affordability seen for each group, from 2016 to 2021. Canadians find their housing more affordable in 2021 because of higher incomes The rate of unaffordable housing, or the proportion of households that spent 30% or more of their income on shelter costs, fell from 24.1% in 2016 to 20.9% in 2021. The rate of unaffordable housing in Canada for renters fell from 40.0% in 2016 to 33.2% in 2021, with most of the decline occurring among renters earning below the median household income of all renters (68.4% in 2016, compared with 56.0% in 2021). https://www150.statcan.gc.ca/n1/daily-quotidien/220921/dq220921b-eng.htm

READ MORE

Home sales fell for a sixth consecutive month in August

9/29/2022

From National Bank of Canada On a seasonally adjusted basis, home sales fell 1.0% from July to August, bringing the level of sales 14.4% below its 10-year average. This was the sixth consecutive decline for this indicator, with sales down a cumulative 32.5% between February and August. Declines were observed in every province at the exception of Ontario, due notably to a rebound in sales in the GTA. We expect the current moderation in sales to continue going forward as the Bank of Canada continues to increase its overnight rate in restrictive territory. The rapid rise in interest rates by the central bank is certainly limiting the purchasing capacity of households while also having a psychological effect on some buyers who are waiting to see how high rates will stabilize before taking action. Rising interest rates and the slowdown in the market did not provoke an influx of sellers for the moment. On the contrary, new listings declined 5.4% between July and August. Overall, the number of months of inventory rose from 3.4 to 3.5 months in August, the highest level since May 2020. Based on the active-listings-to-sales ratio, market conditions loosened in the country and are now indicating a balanced market. Six provinces out of 10 are now in balanced territory: B.C., Saskatchewan, Alberta, Manitoba, Ontario and P.E.. The others continued to indicate market conditions favourable to sellers mainly due to lack of supply. On a year-over-year basis, home sales were down 24.7% compared to the second-strongest month of August in history last year. Sales were down in every province on a year-over-year basis, with the largest decline observed in B.C. (-40.0%) and the smallest in Saskatchewan (-2.2%). For the first eight months of 2022, cumulative sales were down 20.7% compared to the same period in 2021. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf

READ MORE

Teranet-National Bank House Price Index - Canada: Record price drop in August

9/22/2022

From National Bank of Canada In addition to recording a fourth consecutive monthly decline on a seasonally adjusted basis, the Teranet-National Bank Composite House Price Index experienced its largest contraction ever in a single month (-2.1%) due to rapidly rising interest rates and a slowing resale market. This historic drop broke the previous record of -1.3% recorded in July 2010. Augusts data were also unique in that the declines extended to almost all the 31 cities covered by the index, except for the three CMAs located in Alberta (Calgary, Edmonton and Lethbridge), which is unprecedented. The reason for these isolated increases is obviously the high price of energy and many commodities that drive the economy in this province. Since its peak in May 2022, the composite index has already fallen 4.1%, led by significant declines in Hamilton (-10.5%). Halifax (-8.7%) and Toronto (-8.3%). Significant price declines were also observed in several cities not included in the composite index, including Abbotsford-Mission and many cities in the Golden Horseshoe (Brantford, Oshawa, Barrie, Kitchener, Guelph, and Peterborough). It should be noted, however, that the significant declines in these cities follow dramatic price increases since the start of the pandemic. As the Bank of Canada continues to raise its policy rate into restrictive territory, we expect the composite index to decline from its peak reached earlier this year by 10%-15% by the end of 2023. This assumes a policy rate that tops out below 4.0% and a Bank of Canada that begins to lower interest rates in the second half of 2023. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-teranet.pdf

READ MORE

CREA Quarterly Forecasts

9/16/2022

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate boards and associations in 2022 and 2023. With interest rates on the rise, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks reached earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away. Some 532,545 properties are forecast to trade hands via Canadian MLS Systems in 2022, a decline of 20% from the 2021 annual record. The downward revision from CREAs June forecast was mostly the result of a downward revision to sales activity in Ontario, along with smaller revisions in B.C., Alberta and Quebec. The national average home price is forecast to rise by 4.7% on an annual basis to $720,255 in 2022. That said, much of that increase reflects how high prices were to start the year. Annual price gains are forecast to be largest in Quebec and the Maritimes. National home sales are forecast to edge back a further 2.3% to 520,156 units in 2023. The national average home price is forecast to slide mostly sideways (+0.2%) from 2022 to 2023 at around 722,000. https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/quarterly-forecasts/

READ MORE

Bank of Canada increases policy interest rate by 75 basis points, continues quantitative tightening

9/7/2022

The Bank of Canada today increased its target for the overnight rate to 3%, with the Bank Rate at 3% and the deposit rate at 3%. The Bank is also continuing its policy of quantitative tightening. The global and Canadian economies are evolving broadly in line with the Banks July projection. The effects of COVID-19 outbreaks, ongoing supply disruptions, and the war in Ukraine continue to dampen growth and boost prices. Global inflation remains high and measures of core inflation are moving up in most countries. In response, central banks around the world continue to tighten monetary policy. Economic activity in the United States has moderated, although the US labour market remains tight. China is facing ongoing challenges from COVID shutdowns. Commodity prices have been volatile: oil, wheat and lumber prices have moderated while natural gas prices have risen.

READ MORE

Prices have come down from their peak in July

8/24/2022

From the National Bank of Canada Declining transactions in the resale market and rising interest rates continue to weigh on property prices, with the Teranet-National Bank Composite House Price Index falling 0.2% from June to July after seasonal adjustments. This is the first monthly decline since the one seen at the beginning of the pandemic in June 2020. Using the unsmoothed seasonally adjusted index, which is more sensitive to market fluctuations, the decline is even more pronounced, with property prices falling 1.4% from June to July. Moreover, price decreases continue to be widespread across the country. In fact, for all 32 markets where the seasonally adjusted unsmoothed index was available in July, 58% experienced a decline during the month, the same proportion as observed in June, but much higher than those recorded since the beginning of the year. You have to go back to May 2020, at the very beginning of the pandemic when uncertainty was at its peak, to find such a large proportion of markets down. While the Bank of Canada has indicated that it will continue to raise its policy rate and that transactions in the real estate market should continue to decline, we anticipate that the composite index should decrease by 10% by the end of 2023. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-teranet.pdf

READ MORE

Home sales continued to fall in July

8/18/2022

From the National Bank of Canada On a seasonally adjusted basis, home sales fell 5.3% from June to July, bringing the level of sales 12.8% below its 10-year average. This was the fifth consecutive decline for this indicator, with sales down a cumulative 31.1% between February and July. The slowdown was broad- based, with the number of transactions declining in three-quarters of the markets covered. We expect the current moderation in sales to continue going forward as the Bank of Canada is expected to raise its overnight rate further in September. The rapid rise in interest rates by the central bank is certainly having a psychological effect on buyers who are waiting to see how high rates will stabilize before taking action. Rising interest rates also seem to be having an effect on sellers who are postponing their decision to sell to a later date. Indeed, new listings declined 5.3% between June and July. Overall, the number of months of inventory rose from 3.1 to 3.4 months in July, the highest level in two years. Based on the active-listings-to-sales ratio, market conditions loosened in every province during the month, and the housing market in the country as a whole is now on the verged of indicating a balanced market. Six provinces out of 10 are now in balanced territory: B.C., Saskatchewan, Alberta, Manitoba, Ontario and P.E. (the latter having switched this month). The others continued to indicate market conditions favourable to sellers mainly due to lack of supply. On a year-over-year basis, home sales were down 29.3% compared to the second-strongest month of July in history last year. For the first seven months of 2022, cumulative sales were down 20.3% compared to the same period in 2021. Housing starts in Canada decreased for the first time in three months, dropping 8.3K in June to 273.8K (seasonally adjusted and annualized), in line with consensus expectations calling for a 274K print. With high commodity prices, labour shortages, and ongoing supply chain issues, this moderation in housing starts was expected and should continue in the coming months. However, with building permits remaining high and housing supply still tight, this moderation should stabilize at levels that remain strong on a historical basis. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf

READ MORE

Higher interest rates and household debt: Cause for recession?

8/10/2022

From National Bank of Canada There is a great deal of concern regarding the vulnerability of Canadian households not only to inflation shock but also to sharp interest rate hikes. For heavily indebted households, the bill could prove hefty. Those that contracted mortgages 4.Sx their gross income could see their monthly payments increase by $187 to $281 from 2022 to 2024 and absorb as much as 2.6% to 4.0% of their net income. At the macroeconomic level, however, the story is far different given the high proportion of properties without mortgages. By our calculations, the payment shock related to servicing the accumulated debt will represent 0.65% of disposable income over the next three years. The amount is significant but manageable in that it alone will not suffice to pull the economy into a recession. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/special-report_220728.pdf

READ MORE

Prices continue to lose momentum in June

8/3/2022

With the decrease in resale market transactions and the increase in interest rates, property price growth moderated for a third consecutive month, but still remained solid in June at 1.0% after adjusting for seasonal effects. Using the seasonally adjusted unsmoothed index, which is more sensitive to market fluctuations, the moderation is even more pronounced, with property prices essentially flat in May and June. While the Bank of Canada has indicated that it will continue to raise its policy rate and that transactions in the real estate market should continue to decline, we anticipate that the composite index should decrease by 10% by the end of 2023. The price declines have already begun to spread across the country. In fact, for all 32 markets where the seasonally adjusted unsmoothed index was available in June, 58% experienced a decline during the month, compared to 34% in May and only 16% in January. We have to go back to May 2020, at the very beginning of the pandemic when uncertainty was at its peak, to find such a large proportion of markets in decline. https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-teranet.pdf

READ MORE

CANADA: Home sales continued to fall in June

7/22/2022

From National Bank of Canda On a seasonally adjusted basis, home sales fell 5.6% from May to June, bringing the level of sales 7.0% below its 10-year average. This was the fourth consecutive decline for this indicator, with sales down a cumulative 26.8% between February and June. The slowdown was broad- based, with the number of transactions declining in three quarters of the markets covered. We expect the current moderation in sales to continue going forward as the Bonk of Canada just announced a 1% rate increase this week and more rate hikes are expected by the end of the year. Now that interest rates for variable rate mortgages are generally over 4%, buyers must now qualify for the stress test with their mortgage rate +2% instead of a rate of 5.25%, which will add a drag on the market. The rapid rise in interest rates by the central bank is certainly having a psychological effect on buyers who are waiting to see how high rates will stabilize before taking action. According to CREA, new listings rose 4.1% in June, a second consecutive monthly increase. With the reduction in sales and the increase in new properties for sale, the number of months of inventory rose from 2.7 to 3.1 months in June, the highest level in two years. Based on the active-listings-to-sales ratio, market conditions loosened in every province during the month, but the housing market continued to be tight in the country as a whole. Five provinces out of 10 are now in balanced territory: B.C., Saskatchewan, Alberta, Manitoba and Ontario (the two latter having switched this month). The others continued to indicate market conditions favourable to sellers mainly due to lack of supply. On a year-over-year basis, home sales were down 23.9% compared to the strongest month of June in history last year. For the first semester of 2022, cumulative sales were down 18.9% compared to the same period in 2021. Housing starts in Canada increased for a second month in a row by 21.5K in May to 287.3K (seasonally adjusted and annualized), the strongest print since November 2021 (at 305.9K). Starts were well above consensus calling for a 255K print in May while building permits remained high on a historical basis and housing supply continues to be tight. As interest rates rise and demand in the resale market declines, we expect housing starts to moderate in the coming year. Data on housing starts in June will be published on July 18. The Teranet-National Bank Composite National House Price Index increased 1.6% in May compared to April and after seasonal adjustment. Ten of the 11 markets in the composite index were up during the month, with Edmonton being the exception. On a year-over-year basis, home price increased by 18.3% in May. The June Teranet -National Bank HPI will be published on July 20. Source: https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf

READ MORE

Monetary Policy Report Press Conference Opening Statement; Bank of Canada increases policy interest rate by 100 basis points, continues quantitative tightening

7/14/2022

From Tiff Macklem - Governor Good morning. Im pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss todays policy announcement and the Banks Monetary Policy Report (MPR). Today, we raised the policy interest rate by 100 basis points, or 1%. An increase of this magnitude at one meeting is very unusual. It reflects very unusual economic circumstances: inflation is nearly 8%a level not seen in nearly 40 years. I want to explain to Canadians why weve made this decision. There were three key considerations. First, inflation is too high, and more people are getting more worried that high inflation is here to stay. We cannot let that happen. Restoring price stabilitylow, stable and predictable inflationis paramount. Second, the Canadian economy is overheated. There are shortages of workers and of many goods and services. Demand needs to slow so supply can catch up and price pressures ease. And third, our goal is to get inflation back to its 2% target with a soft landing for the economy. To accomplish that, we are increasing our policy interest rate quickly to prevent high inflation from becoming entrenched. If it does, it will be more painful for the economyand for Canadiansto get inflation back down. With these important considerations in mind, the Governing Council decided to front-load the path to higher interest rates today. This is our fourth consecutive interest rate increase since March. We know that higher interest rates will add to the difficulties that Canadians are already facing with high inflation. But the strain of higher interest rates in the short term will bring inflation down for the long term. It will get us to the other side of this difficult period and back to normal. Things are not normal right now. After 30 years of low, stable inflation, many Canadians are experiencing the pain of high inflationand the uncertainty that comes with itfor the first time. Over half of the components in the consumer price index (CPI) basket are rising above 5%. When inflation is this high, it erodes the purchasing power of every Canadian. The drivers of inflation are the same in Canada as in most countries. The war in Ukraine and continued supply chain disruptions have boosted inflation in Canada and around the world. But what started as global inflation driven by higher global energy and goods prices is broadening here at home. Inflation is broadening because the Canadian economy is in excess demand. There arent enough goods and services to meet the demand were seeing as people enjoy a fully reopened economy. Employers cant find enough workers and theyre increasing wages to attract and retain staff. With households spending robustly, businesses are passing on higher input and labour costs by raising prices. Higher interest rates will help slow demand and allow supply time to catch up. Consumer spending will moderate as the pent-up demand from pandemic restrictions eases and the cost of borrowing increases. Housing market activity is already cooling rapidly from unsustainably high levels during the pandemic. And slower global growth will reduce demand for our exports. Taking all of this into account, we are forecasting annual growth in economic activity will be around 3% this year, 1% next year and 2% in 2024. As global bottlenecks gradually resolve and tighter monetary policy works its way through the economy, inflation will start to come down. While we may see a few more months with CPI inflation around 8%, we expect it to decline later this year, ease to about 3% by the end of next year and return to the 2% target by the end of 2024. This is the soft landing we are projecting. Interest rate increases can cool demand and inflation without choking off growth or causing a surge in unemployment. Some sectors will be more affected by interest rate increases than others, but the very tight labour market means there is room to reduce the number of job vacancies without having a big impact on overall employment. And with the prices of many of the commodities we export expected to remain elevated, the global forces slowing growth will not affect Canada as much as many other countries. But the path to this soft landing has narrowed because elevated inflation is proving more persistent. And this requires stronger action now so consumers and businesses can be confident that inflation will return to its 2% target. Our decision today takes the policy interest rate to 2%. That puts it in the long-run neutral range that neither stimulates nor restricts growth. We estimate that range to be between 2% and 3%. We continue to expect that interest rates will need to rise further to cool demand and achieve the inflation target. How high our policy rate needs to go will depend on how the economy and inflation evolves. By front-loading interest rate increases now, we are trying to avoid the need for even higher interest rates down the road. Front-loaded tightening cycles tend to be followed by softer landings. This argues for getting our policy rate quickly to the top end or slightly above the neutral range.

READ MORE

Provincial Economic Forecast: Alberta and Saskatchewan to Top Growth Leaderboard This Year

7/8/2022

Weve downgraded our 2022 growth forecasts in most provinces by 0.1-0.9 percentage points compared to our March forecast, as a steeper climb in borrowing costs and persistently elevated inflation crimp household and business spending across the country. Real GDP is now projected to run from 1.4% in Newfoundland and Labrador to 5.5% in Alberta. The good news is that most regional economies appear to have entered the summer in solid form, leaving a cushion to absorb these shocks. As in recent months, households in the Atlantic region are expected to face the most intense inflation pressures in the near term, given the relatively high share of household budgets taken up by food and energy products. However, household debt burdens in the Atlantic (alongside Quebec and Saskatchewan) tend to be comparatively small. The opposite is true in Ontario and B.C., likely increasing the sensitivity of households to higher interest rates. Meanwhile, the Prairie and B.C. economies should continue to benefit from higher prices for agricultural and energy commodities, providing a strong counterbalance to the financial headwinds on households in those regions. Averaging around $110 per barrel in the second quarter, crude oil prices have moved in line with our March forecast. We project an even higher level for prices in the third quarter, before they gradually fall back towards $100 per barrel by year end on the back of a reduced fear premium, some demand destruction and modestly higher global supply. In the recently concluded provincial budget season, several governments committed to rolling out relief to households to help them cope with inflation. Notably, government spending should provide a tailwind to expansions. In aggregate, the Provinces are projected to remain in deficit over the medium term, while little headway will be made on reducing debt-to-GDP ratios. Housing markets are retrenching under the weight of higher interest rates. Home sales are down across nearly all provinces since February, while average home prices have dropped in Alberta, B.C. and especially Ontario. We believe that there is further downside left for markets as rates climb, and are forecasting continued declines in home sales and prices through the remainder of the year. Source: https://economics.td.com/provincial-economic-forecast

READ MORE

Home sales plunged as interest rates continued to rise in May

6/30/2022

On a seasonally adjusted basis, home sales slumped 8.6% from April to May, bringing the level of sales slightly below its 10-year average for the first time in 24 months. This decline also represents a third consecutive decrease, with sales down a cumulative 23.0% between February and May. The downward trend is now well established in the country as 75% of the markets have seen their number of transactions decrease during the month. We believe this market moderation should continue in the coming months as the tightening of monetary policy should push variable rates higher and make the stress test even more biting for buyers. Indeed, the stress test uses the higher of 5.25% or the contractual interest rate +2%. Until now, only customers opting for a fixed rate had to qualify with a rate of more than 5.25%. With the Bank of Canada policy rate increase expected in July, the qualification for a variable rate will also exceed 5.25%, a development that should cool the market further since over half of new mortgages are at variable rates. According to CREA, new listings rose 4.5% in May, the first increase in three months. With the reduction in sales and the increase in new properties for sale, the number of months of inventory rose from 2.3 to 2.7 months in May, its highest level since July 2020. Based on the active-listings-to-sales ratio, market conditions loosened in almost every province during the month, but the housing market continued to be tight in the country as a whole. There are now 3 provinces out of 10 in balanced territory; B.C., Saskatchewan, and Alberta (the latter switched this month). The others continued to indicate market conditions favourable to sellers mainly due to lack of supply. On a year-over-year basis, home sales fell 21.7% compared to the strongest month of May recorded in 2021. For the first five months of 2022, cumulative sales were down 17.8% compared to the same period in 2021. Housing starts in Canada increased for a second month in a row by 21.SK in May to 287.3K (seasonally adjusted and annualized), the strongest print since November 2021 (at 305.9K). Starts were well above consensus calling for a 255K print in May while building permits remained high on a historical basis and housing supply continues to be tight. As interest rates rise and demand in the resale market declines, we expect housing starts to also moderate in the coming year. The Teranet-National Bank Composite National House Price Index increased 2.0% in April compared to March and after seasonal adjustment. On a year-over-year basis, home price increased by 18.8% in April. Ten of the 11 markets in the composite index were up during the month, with Edmonton being the exception. Source: https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf

READ MORE

Canada’s Housing Supply Shortages: Estimating what is needed to solve Canada’s housing affordability crisis by 2030

6/24/2022

Were in a housing crisis. This report looks at the overall affordability for the entire housing system in Canada. The report has taken steps to estimate how much additional housing supply is required beyond current trends to restore housing affordability by 2030. Key Highlights CMHC projects that if current rates of new construction continue, the housing stock will increase to close to 19 million housing units by 2030. To restore affordability, CMHC projects Canada will need an additional 3.5 million units. Two-thirds of the 3.5 million housing unit gap is in Ontario and British Columbia where housing markets are least affordable. Additional supply would also be needed in Quebec, a province once considered affordable. It has seen a marked decline in affordability over the last few years. Other provinces remain largely affordable for a household with the average level of disposable income. However, challenges remain for low-income households in accessing housing that is affordable across Canada. Source: https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/housing-research/research-reports/accelerate-supply/housing-shortages-canada-solving-affordability-crisis

READ MORE

Housing Experiences in Canada: Persons with disabilities

6/17/2022

The Housing Experiences in Canada series of fact sheets highlights the diversity of housing situations experienced by different groups of people living across Canada. This fact sheet focuses on persons with disabilities living in private dwellings. Statistics below are derived from the 2017 Canadian Survey on Disability (CSD). The 2017 CSD identifies persons with disabilities based on responses to the disability screening questions in the survey. Since this fact sheet focuses on persons with disabilities in private dwellings, those living in collective dwellings such as hospitals and nursing homes are not included in the data. The National Housing Strategy Act (2019) declared that the right to adequate housing is a fundamental human right affirmed in international law. Adequate housing is understood in international law as housing that provides secure tenure; is affordable; is habitable; provides access to basic infrastructure; is located close to employment, services and amenities; is accessible for persons of all abilities; and is culturally appropriate. Source: https://www150.statcan.gc.ca/n1/pub/46-28-0001/2021001/article/00011-eng.htm

READ MORE

Canadian Housing Statistics Program, 2019 and 2020

6/10/2022

New data from the Canadian Housing Statistics Program (CHSP) show the extent of inequalities in housing: multiple-property owners possess nearly one-third of all residential properties and the top 10% wealthiest owners account for around one-quarter of residential housing value. Despite these inequalities, new data show an increase in the number of first-time home buyers from 2018 to 2019. The data tables accompanying this release have been updated for the 2020 reference year, and expanded to include owners in Newfoundland and Labrador, Yukon, the Northwest Territories, and Nunavut. A new table on home buyers has also been added, covering Nova Scotia, New Brunswick, British Columbia and Yukon. These data provide a snapshot of property owners and buyers in the period prior to the outbreak of the COVID-19 pandemic. Multiple-property owners own 31% of residential properties in Ontario In addition to their primary residences, multiple-property owners hold properties to receive rental income or for other investment purposes, or as a recreational property which may also provide rental income. Owners seeking additional properties contribute to increased competition in already tight real estate markets, making it more difficult for prospective homeowners to purchase a home. The overall impact of such holdings on housing prices and housing affordability, however, depends on a multitude of factors that are not fully assessed in this release. Individual multiple-property owners hold a significant share of the residential property stock, despite accounting for a relatively small number of owners. In Nova Scotia, New Brunswick, Ontario, and British Columbia in 2020, these owners held between 29% (British Columbia) and 41% (Nova Scotia) of the property stock while accounting for 15% (British Columbia) to 22% (Nova Scotia) of owners. Source: https://www150.statcan.gc.ca/n1/daily-quotidien/220412/dq220412a-eng.htm

READ MORE

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

6/1/2022

The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1% and the deposit rate at 1%. The Bank is also continuing its policy of quantitative tightening (QT). Inflation globally and in Canada continues to rise, largely driven by higher prices for energy and food. In Canada, CPI inflation reached 6.8% for the month of April well above the Banks forecast and will likely move even higher in the near term before beginning to ease. As pervasive input price pressures feed through into consumer prices, inflation continues to broaden, with core measures of inflation ranging between 3.2% and 5.1%. Almost 70% of CPI categories now show inflation above 3%. The risk of elevated inflation becoming entrenched has risen. The Bank will use its monetary policy tools to return inflation to target and keep inflation expectations well anchored. The increase in global inflation is occurring as the global economy slows. The Russian invasion of Ukraine, Chinas COVID-related lockdowns, and ongoing supply disruptions are all weighing on activity and boosting inflation. The war has increased uncertainty and is putting further upward pressure on prices for energy and agricultural commodities. This is dampening the outlook, particularly in Europe. In the United States, private domestic demand remains robust, despite the economy contracting in the first quarter of 2022. US labour market strength continues, with wage pressures intensifying. Global financial conditions have tightened and markets have been volatile.

READ MORE

Building construction price indexes, first quarter 2022

5/27/2022

National Overview Residential building construction costs increased 5.6% in the first quarter of 2022, the highest increase since the second quarter of 2021. Non-residential building construction costs were up 2.6% in the first quarter. Contractors surveyed attributed part of the growth in building construction costs to the rise in labour costs, and a surge in the number of vacancies for construction trades has contributed to increased wages in these occupations. In addition, amid rising fuel prices, contractors cited that a larger share of their expenses were now allocated to the transportation of their building materials. Increase in price growth for residential building construction Growth in residential building construction costs accelerated during the first quarter of 2022, after moderating in the previous two quarters. The majority of the 11 census metropolitan areas (CMAs) covered by the survey recorded larger quarterly increases than the previous two quarters. Rising residential construction costs were largely driven by rebounding softwood lumber prices. Costs to construct residential buildings increased the most in Calgary (+6.9%), followed by Edmonton and Toronto (both up 6.8%). While the construction costs to build a single-detached house in Toronto grew the most in the first quarter, the cost to build townhouses rose the most of all the buildings in scope for the survey in both Calgary and Edmonton. It is interesting to note that the rise in residential construction costs in Calgary and Edmonton coincided with the highest monthly increases recorded in new housing prices in over 15 years, with Calgary recording its recent high in March 2022 (+5.2%) and Edmonton reaching its recent high in February (+3.7%). Source: https://www150.statcan.gc.ca/n1/daily-quotidien/220505/dq220505b-fra.htm?indid=18843-2indgeo=0

READ MORE

Home sales drop in April as mortgage rates shoot higher

5/16/2022

Home sales recorded over Canadian MLS Systems dropped by 12.6% between March and April 2022. The decline placed monthly activity at the lowest level since the summer of 2020. While the national decline was led by the Greater Toronto Area (GTA) simply because of its size, sales were down in 80% of local markets, with most other large markets posting double-digit month-over-month declines in April. The exceptions were Victoria, Montreal and Halifax-Dartmouth where sales edged up slightly. The actual (not seasonally adjusted) number of transactions in April 2022 came in 25.7% below the record for that month set last year. That said, as has been the case since last summer, it was still the third-highest April sales figure ever behind 2021 and 2016. Following a record-breaking couple of years, housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue, said Jill Oudil, Chair of CREA. For buyers, this slowdown could mean more time to consider options in the market. For sellers, it could necessitate a return to more traditional marketing strategies. Of course, there are significant regional differences, so your best bet is to contact your local REALTOR. They have the information, guidance negotiation skills to help you navigate this rapidly-changing market as it evolves, continued Oudil.

READ MORE

National Bank of Canada: Home sales declined in March. Beginning of a downward slide?

5/5/2022

By Daren King On a seasonally adjusted basis, home sales decreased 5.4% from February to March, a first monthly decline in three months. Despite this decline, the resale market remained very active on a historical basis, standing above the historically high level of 45K now for 21 consecutive months. Is this the beginning of a downward trend in the Canadian real estate market? In our opinion, the housing market should remain active during the spring due to many people who have secured advantageous interest rates and will want to act before the end of their interest rate guarantee. However, with the recent increase in mortgage interest rates and the worst affordability conditions on record, we expect the residential market to slow down in the second half of the year. According to CREA, new listings decreased by 5.5% during the month. However, the reduction in sales compensated for the decrease in new properties for sale, so that the number of months of inventory rose from its historical low of 1.6 to 1.8 months in March. Based on the active-listings-to-sales ratio, the housing market continued to be tight in 9 of the 10 provinces, with only Saskatchewan indicating a balanced market. These market conditions should continue to support prices in the coming months. On a year-over-year basis, home sales fell 16.3% compared to the most active month ever recorded for any period of the year that was March 2021. Nevertheless, it remains the second most active month of March on record. Housing starts decreased by 4.0K in March to 246.2K, a slide of 1.6% m/m from 250.2K in February and below consensus expectations calling for a 250K print. Although housing starts in March were slightly below consensus expectations, they remained high on a historical basis. The trend in housing permits continues to suggest a higher level of starts at this time. Moreover, with the tight conditions in the resale market, the willingness of various levels of government to build more and the resumption of immigration, housing starts should remain high for some time. That being said, we are entering the building season in Canada with elevated commodity prices and renewed supply chain challenges. Combined with more restrictive monetary policy by the Bank of Canada, we expect housing starts to taper in 2023. The Teranet-National Bank Composite Notional House Price Index increased 1.7% in February compared to January after seasonal adjustment. On a year-over-year basis, home price increased by 17.7% in February. All 11 markets of the composite index were up in the month. The March Teranet-National Bank HPI will be published on April 20. Source: National Bank of Canada https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf

READ MORE

Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening

4/13/2022

The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1% and the deposit rate at 1%. The Bank is also ending reinvestment and will begin quantitative tightening (QT), effective April 25. Maturing Government of Canada bonds on the Banks balance sheet will no longer be replaced and, as a result, the size of the balance sheet will decline over time. Russias ongoing invasion of Ukraine is causing unimaginable human suffering and new economic uncertainty. Price spikes in oil, natural gas and other commodities are adding to inflation around the world. Supply disruptions resulting from the war are also exacerbating ongoing supply constraints and weighing on activity. These factors are the primary drivers of a substantial upward revision to the Banks outlook for inflation in Canada. The war in Ukraine is disrupting the global recovery, just as most economies are emerging from the impact of the Omicron variant of COVID-19. European countries are more directly impacted by confidence effects and supply dislocations caused by the war. Chinas economy is facing new COVID outbreaks and an ongoing correction in its property market. In the United States, domestic demand remains very strong and the US Federal Reserve has clearly indicated its resolve to use its monetary policy tools to control inflation. As policy stimulus is withdrawn, US growth is expected to moderate to a pace more in line with potential growth. Global financial conditions have tightened and volatility has increased. The Bank now forecasts global growth of about 3% this year, 2% in 2023 and 3% in 2024.

READ MORE

VERICO Canada receives 5-Star Mortgage Employer award for second year in a row

4/8/2022

The size of companies represented in the survey ranged from 125 employees to 500+, with 43% of the brokerages having 26100 employees. Among the respondents, 50% were classified as brokerages, 36% were lenders, and the rest are in the technology, network, or other categories. This years 5-Star winners gained high scores for putting the working environment front and center, under what can only be characterized as extraordinary times, by focusing on what is best for brokers and, by extension, the clients they serve. As the survey showed, the winners made work-life balance, benefits and bonus compensation, a supportive working atmosphere, and a productive work culture their top priorities. The impressive 5-star accolade recognizes Canadas award-winning independent and storied brokerage, VERICO, for their outstanding contributions to the mortgage sector when it comes to career development, commitment to diversity and inclusion, and incentive and training programs, says Dino Di Pancrazio, Chief Strategy Officer, Head of Mortgage Division of M3 Mortgage. Read More: https://www.mpamag.com/ca/best-in-mortgage/5-star-mortgage-employers-2022/399366#winnersListSection

READ MORE

February home sales rise as buyers scoop up first of the 2022 spring listings

3/28/2022

Statistics released by the Canadian Real Estate Association (CREA) show national home sales were up in February 2022 as buyers jumped on the first batch of spring listings. Home sales recorded over Canadian MLS Systems climbed 4.6% between January and February 2022. The monthly increase in activity was likely the result of a rebound in new listings in February following big a decline in January. As such, stronger activity may persist as late-February new listings continue to sell in March. Sales were up in about 60% of local markets in February, led by some big jumps in Calgary and Edmonton, as well as a gain ahead of the national increase in the GTA. The actual (not seasonally adjusted) number of transactions in February 2022 came in 8.2% below the monthly record set in 2021. That said, as was the case in January and throughout the second half of 2021, it was still the second-highest level on record for that month.

READ MORE

The continued reconfiguration of global supply chains

3/18/2022

Because of China-U.S. trade tensions and the pandemic, many corporations and governments had already made long-term plans to diversify supply chains and re-shore production in key sectors in order to break their reliance on geopolitical rivals for key goods. Russias invasion of Ukraine will accelerate this trend. One example of how recent sanctions will further rejig supply chains are U.S. restrictions on Russias ability to purchase such things as microchips, advanced machinery, and airplane parts. These measures apply not just to goods made in America, but also to those made in other countries with American technology.While China will no doubt step in to replace America in some of these areas, it cannot yet produce latest-generation semiconductors or provide spare parts for Western-made aircraft. It is important to note, also, that it will take Western countries many years to find or develop alternative sources for many of Russias commodity exports, particularly in the mineral sector. The International Energy Agency estimated that it takes more than 16 years on average to move mining projects from the discovery to the production phase.Europe has been an especially large consumer of Russian commodities, including copper, nickel, palladium, and titanium. Source: https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/geopolitical-briefing-220315.pdf

READ MORE

Bank of Canada increases policy interest rate

3/11/2022

The Bank of Canada increased its target for the overnight rate to %, with the Bank Rate at % and the deposit rate at %. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds on its balance sheet roughly constant until such time as it becomes appropriate to allow the size of its balance sheet to decline. The unprovoked invasion of Ukraine by Russia is a major new source of uncertainty. Prices for oil and other commodities have risen sharply. This will add to inflation around the world, and negative impacts on confidence and new supply disruptions could weigh on global growth. Financial market volatility has increased. The situation remains fluid and we are following events closely. Global economic data has come in broadly in line with projections in the Banks January Monetary Policy Report (MPR). Economies are emerging from the impact of the Omicron variant of COVID-19 more quickly than expected, although the virus continues to circulate and the possibility of new variants remains a concern. Demand is robust, particularly in the United States. Global supply bottlenecks remain challenging, although there are indications that some constraints have eased. Economic growth in Canada was very strong in the fourth quarter of last year at 6.7%. This is stronger than the Banks projection and confirms its view that economic slack has been absorbed. Both exports and imports have picked up, consistent with solid global demand. In January, the recovery in Canadas labour market suffered a setback due to the Omicron variant, with temporary layoffs in service sectors and elevated employee absenteeism. However, the rebound from Omicron now appears to be well in train: household spending is proving resilient and should strengthen further with the lifting of public health restrictions. Housing market activity is more elevated, adding further pressure to house prices. Overall, first-quarter growth is now looking more solid than previously projected.

READ MORE

3 essential healthy credit card habits

2/24/2022

A credit card is only a benefit if you have a good relationship with your spending. Otherwise, your shiny new financial tool can quickly turn into a burden. How do you make sure that doesnt happen? Try these three key money habits. 1. Pay off your purchases When you use your credit card to make purchases, youre then responsible for paying it off. Each month, youll receive a statement outlining how much youve spent on your card and how much you need to pay off. Paying off the entire balance each month will help you avoid costly interest charges, but if you cant afford that, at least make the minimum payment to prevent a ding on your credit score. 2. Manage your credit utilization ratio Your credit cards limit is the maximum amount of debt you can carry at one time. Your limit will usually be between $1,000 and $10,000. You shouldnt spend right up to your credit cards limit, though. Getting too close to the limit will negatively affect your credit score due a calculation called your credit utilization ratio. Your credit utilization ratio is a measure of your credit card balance against your total credit limit. To maximize your credit score, keep your credit utilization ratio below 35%. For example, if you have a credit card with a $10,000 limit, try not to carry a balance higher than $3,500. 3. Choose the right credit limit Choose a credit limit that accurately reflects your spending habits. If you only plan to use your credit card for occasional purchases and online shopping, a few thousand dollars should be enough. If you spend thousands of dollars per month on it, pick a higher credit limit to keep your credit utilization ratio in check. Be realistic about how youll pay it back, as well. If you know that you occasionally carry a credit card balance and incur interest charges, choose a smaller credit limit to minimize the monthly interest youll pay.

READ MORE

Canada's large urban centres continue to grow and spread

2/10/2022

In 2021, nearly three in four Canadians (73.7%) lived in one of Canadas large urban centres, up from 73.2% five years earlier. These large urban centres with a population of 100,000 or more people, referred to as census metropolitan areas (CMAs), accounted for most of Canadas population growth (+5.2%) from 2016 to 2021. Canada continues to urbanize as large urban centres benefit most from new arrivals to the country. From 2016 to 2019, Canada welcomed a record high number of immigrants and more than 9 in 10 settled in CMAs. There were six more CMAs in 2021 compared with five years earlier, another sign of the increasing urbanization of the country. Rapid population growth in cities is increasing the need for infrastructure, transportation and services of all kindsincluding front-line emergency services. Further urban spread also raises environmental concerns such as car-dependent cultures and encroachment on farmlands, wetlands and wildlife. Source:https://www150.statcan.gc.ca/n1/daily-quotidien/220209/dq220209b-eng.htm?HPA=1

READ MORE

Bank of Canada maintains policy rate, removes exceptional forward guidance

1/26/2022

The Bank of Canada today held its target for the overnight rate at the effective lower bound of %, with the Bank Rate at % and the deposit rate at %. With overall economic slack now absorbed, the Bank has removed its exceptional forward guidance on its policy interest rate. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds roughly constant. The global recovery from the COVID-19 pandemic is strong but uneven. The US economy is growing robustly while growth in some other regions appears more moderate, especially in China due to current weakness in its property sector. Strong global demand for goods combined with supply bottlenecks that hinder production and transportation are pushing up inflation in most regions. As well, oil prices have rebounded to well above pre-pandemic levels following a decline at the onset of the Omicron variant of COVID-19. Financial conditions remain broadly accommodative but have tightened with growing expectations that monetary policy will normalize sooner than was anticipated, and with rising geopolitical tensions. Overall, the Bank projects global GDP growth to moderate from 6 % in 2021 to about 3 % in 2022 and 2023.

READ MORE

Bank of Canada/OSFI pilot helps Canadian financial sector assess climate change risks

1/21/2022

The Bank of Canada and Office of the Superintendent of Financial Institutions (OSFI) released the results of a pilot project on climate scenario analysis. This pilot was an important step in helping Canadas financial sector improve its ability to analyze economic and financial risks affecting financial institutions that could arise from climate change. Together with six Canadian financial institutions, the Bank and OSFI developed scenarios that will help the financial sector identify, measure and disclose climate-related risks. These scenarios were not intended to be forecasts or predictions. Rather, they were specifically designed to capture a range of potential outcomes and illustrate the kinds of stresses on the financial system and economy that could occur as the world transitions to a low-carbon future. All scenarios showed that this transition will entail important risks for some economic sectors. Mispricing of transition risks could expose financial institutions and investors to sudden and large losses. It could also delay investments needed to help mitigate the impact of climate change. source: https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/clrsk-mgm_nr.aspx

READ MORE

Scotiabank Nowcast: Employment Gains Continued Prior to Omicron Spread, Q4-2021 GDP at 6.22%

1/7/2022

This note is part of a series that will be published after important data releases, documenting mechanical updates of the nowcast for Canadian GDP coming from the Scotiabank nowcasting model. The evolution of this nowcast will inform Scotiabank Economics official macroeconomic outlook. The Canadian labour market continued to power ahead in December according to Statistics Canadas labour force survey (LFS), with the net gain of +55K jobs for the month that brought the unemployment rate down to 5.9%, just 0.2 ppts above the level of February 2020. This bodes well for the overall Canadian GDP growth in December and is in line with our Q4-2021 estimate of +6.22% Q/Q SAAR. The timing of the survey (December 5 to 11) means that it largely missed the beginning of the spread of the Omicron variant and the late-December tightening in public health measures that occurred in response to it. The flooding in BC, a source of downside risk to the short term outlook, occurred after the LFS was completed in November. In December, however, the LFS picked up the beginning of the reconstruction phase, according to StatCan. As a result, we are not likely to find out the true impact of this disaster on the labour market until the November survey of employment, payrolls and hours (SEPH) is released in late January. With these caveats, the underlying picture of the labour market in Canada is one of continuing recovery. The ratio of employment to population (61.5%), the labour force participation rate (65.3%), the unemployment rate (5.9%) are all within 0.2 0.3 ppts of their respective February 2020 levels, signalling a rapid diminishing of the labour market slack. Even the ranks of those unemployed for 52 weeks or longer, while still significantly elevated at 293K (Feb 2020: 179K), continued to fall rapidly in December. The tightness in the labour market spurred a recovery in wages, which grew 2.7% y/y in December, although this increase was much weaker than the rate of inflation over the same period. While the spread of the Omicron variant will likely lead to short term weakness in employment, in particular in the high-contact industries that are subject to public health restrictions, it is already exacerbating labour shortages in essential services as scores of employees self-isolate having tested positive for the virus. With inflation running significantly above the Bank of Canadas inflation-control target range, the labour market slack essentially gone and wages picking up, the short term impact of the Omicron spread is unlikely to alter the Bank of Canada on its path to higher rates in 2022. Source: Scotiabank Global Economics

READ MORE

OSFI maintains Qualifying rate at mortgage contract rate plus 2 percent or 5.25 percent

12/17/2021

The Office of the Superintendent of Financial Institutions (OSFI) confirmed that the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 percent or 5.25 percent. In an environment characterized by increased household indebtedness and low interest rates, it is essential that lenders test their borrowers to ensure that mortgages can continue to be paid during more adverse conditions. This environment supports todays decision to maintain the current minimum qualifying rate. Mortgages are typically one of the largest exposures that banks carry on their balance sheets. Ensuring that borrowers can continue to repay their mortgage loans strongly contributes to the safety and soundness of Canadas financial system. OSFI reviews and communicates the minimum qualifying rate at least every December. Throughout the year, we will continue to monitor the appropriateness of the minimum qualifying rate and will make further adjustments, if conditions warrant.

READ MORE

Bank of Canada maintains policy rate and forward guidance

12/10/2021

The Bank of Canada today held its target for the overnight rate at the effective lower bound of percent, with the Bank Rate at percent and the deposit rate at percent. The Banks extraordinary forward guidance on the path for the overnight rate is being maintained. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds roughly constant. The global economy continues to recover from the effects of the COVID-19 pandemic. Economic growth in the United States has accelerated, led by consumption, while growth in some other regions is moderating after a strong third quarter. Inflation has increased further in many countries, reflecting strong demand for goods amid ongoing supply disruptions. The new Omicron COVID-19 variant has prompted a tightening of travel restrictions in many countries and a decline in oil prices, and has injected renewed uncertainty. Accommodative financial conditions are still supporting economic activity. Canadas economy grew by about 5 percent in the third quarter, as expected. Together with a downward revision to the second quarter, this brings the level of GDP to about 1 percent below its level in the last quarter of 2019, before the pandemic began. Third-quarter growth was led by a rebound in consumption, particularly services, as restrictions were further eased and higher vaccination rates improved confidence. Persistent supply bottlenecks continued to inhibit growth in other components of GDP, including non-commodity exports and business investment.

READ MORE

CANADA HOUSING MARKET: THE FALL’S RISE

11/18/2021

Canadian home sales rose by 8.6% (sa m/m) in October, the largest increase since July 2020. Listings moved in the same direction, albeit by a much smaller 3.2% (sa m/m). The larger increase in sales carried the sales-to-new listings ratio, an indicator of how tight the market is, to 79.5%, up from 75.5% in September, and much higher than its long-term average of 54.5%. As a result, the composite MLS Home Price Index (HPI) rose by 2.7% (sa m/m)the third consecutive acceleration, and the biggest, after months of price gains deceleration. Single-family homes and apartments were the main drivers of Octobers price gain. Movements in the market were broad-based, with the uptick in sales spread out across much of the country. Sales went up in 28 of 31 local markets we track. Kitchener-Waterloo recorded the largest increase (29.5% sa m/m) followed by Thunder Bay, Kingston, Okanagan-Mainline, and Winnipegall recording increases of over 15% (sa m/m). While these are mainly suburban secondary markets, primary markets are also showing signs of strength, with Torontos sales going up by 9.9% (sa m/m) and Montreals and Vancouvers by 7.8% (sa m/m). Octobers national level of sales is historically strongthe second highest on record for October after October 2020, and a remarkable 40% (sa) higher than the 20002019 October-average. source: https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-news-flash.november-15--2021.html

READ MORE

Excess Household Savings and Implications for Inflation in Canada

11/8/2021

Canadians have built up a record amount of savings during the pandemic. By some estimates, it totals around $300 billion. This stockpiled spending firepower has fueled concerns that inflation could be higher and more persistent than currently thought, especially at a time of growing supply-side constraints. However, there are a few reasons to suggest the inflation impulse from excess savings may not be as hefty as some believe. The amount of funds in highly liquid cash form is significantly lower than the headline estimate, consumers are likely to gradually draw on their savings to spend, and the reorientation of outlays from goods to services will dampen price pressures. Still, the amount accumulated in savings is large and unprecedented. This represents an important upside risk to the Bank of Canadas consumption and inflation forecast in the October Monetary Policy Report. Source: https://economics.td.com/ca-excess-saving

READ MORE

Canadian home prices continue to re-accelerate in September

10/25/2021

Home sales recorded over Canadian MLS Systems were up 0.9% between August and September 2021, marking the first monthover-month increase since March. The actual (not seasonally adjusted) number of transactions in September 2021 was down 17.5% on a year-over-year basis, from the record for that month set last year. That said, it was still the second-highest ever September sales figure by a sizeable margin. September provided another months worth of evidence from all across Canada that housing market conditions are stabilizing near current levels, said Cliff Stevenson, Chair of CREA. In some ways that comes as a relief given the volatility of the last year-and-a-half, but the issue is that demand/supply conditions are stabilizing in a place that very few people are happy about. There is still a lot of demand chasing an increasingly scarce number of listings, so this market remains very challenging. Thats why your best bet is to consult with your local REALTOR for information and guidance about navigating the current market, continued Stevenson.

READ MORE

Residential permits continue to trend down since March peak

10/7/2021

Residential permits decreased 8.3% to $6.4 billion in August, the lowest level since March. Ontario and British Columbia drove most of the decline. Construction intentions for multi-family units fell 15.9%, largely reflecting Ontarios decline (-24.3%). This was despite the approval of high value condominium projects in the city of Toronto. In contrast, single family intentions were up slightly (+1.2%), led by a 15.7% gain in Quebec. Additionally, Newfoundland and Labrador (+0.7%) reported the first provincial increase in this component after six consecutive monthly declines.

READ MORE

Price growth continues to decrease in August

10/1/2021

In August, the TeranetNational Bank National Composite House Price IndexTM was up 1.0% from the previous month. It is now the third consecutive month in which the monthly price increase is lower than the previous month (2.8% in May, 2.7% in June and 2.0% in July). The August index was led by six of the 11 constituent markets: Ottawa-Gatineau (2.1%), Hamilton (1.7%), Montreal (2.1%), Quebec City (1.3%), Winnipeg (1.3%) and Victoria (1.3%). Growth was equal to the national average in Halifax (1.0%), while it was more moderate in Vancouver (0.8%), Calgary (0.8%), Toronto (0.7%) and Edmonton (0.6%). This is the sixth consecutive month in which gains were observed in all regions included in the composite index. The slowdown in price growth can be linked to the slowdown in housing sales reported in recent months by the Canadian Real Estate Association. In fact, when analyzing the 12-month growth in the number of sale pairsused to calculate the 11 metropolitan indices, this is the first time in twelve months that they have not increased in all cities. Moreover, this slowdown in price is expected to continue in the coming months as the unsmoothed composite index adjusted for seasonal effects rose only 0.1% from July. Source: https://housepriceindex.ca/2021/09/august2021/

READ MORE

Bank of Canada maintains policy rate, continues forward guidance and current pace of quantitative easing

9/13/2021

The Bank of Canada on September 8th held its target for the overnight rate at the effective lower bound of percent, with the Bank Rate at percent and the deposit rate at percent. The Bank is maintaining its extraordinary forward guidance on the path for the overnight rate. This is reinforced and supplemented by the Banks quantitative easing (QE) program, which is being maintained at a target pace of $2 billion per week. The global economic recovery continued through the second quarter, led by strong US growth, and had solid momentum heading into the third quarter. However, supply chain disruptions are restraining activity in some sectors and rising cases of COVID-19 in many regions pose a risk to the strength of the global recovery. Financial conditions remain highly accommodative. In Canada, GDP contracted by about 1 percent in the second quarter, weaker than anticipated in the Banks July Monetary Policy Report (MPR). This largely reflects a contraction in exports, due in part to supply chain disruptions, especially in the auto sector. Housing market activity pulled back from recent high levels, largely as expected. Consumption, business investment and government spending all contributed positively to growth, with domestic demand growing at more than 3 percent. Employment rebounded through June and July, with hard-to-distance sectors hiring as public health restrictions eased. This is reducing unevenness in the labour market, although considerable slack remains and some groups particularly low-wage workers are still disproportionately affected. The Bank continues to expect the economy to strengthen in the second half of 2021, although the fourth wave of COVID-19 infections and ongoing supply bottlenecks could weigh on the recovery. CPI inflation remains above 3 percent as expected, boosted by base-year effects, gasoline prices, and pandemic-related supply bottlenecks. These factors pushing up inflation are expected to be transitory, but their persistence and magnitude are uncertain and will be monitored closely. Wage increases have been moderate to date, and medium-term inflation expectations remain well-anchored. Core measures of inflation have risen, but by less than the CPI. The Governing Council judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary policy support. [The Bank of Canada] remains committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In the Banks July projection, this happens in the second half of 2022. The Banks QE program continues to reinforce this commitment and keep interest rates low across the yield curve. Decisions regarding future adjustments to the pace of net bond purchases will be guided by Governing Councils ongoing assessment of the strength and durability of the recovery. [The Bank of Canada] will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective. Information note The next scheduled date for announcing the overnight rate target is October 27, 2021. The next full update of the Banks outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time. Source: Bank of Canada

READ MORE

Ontario weighs down residential permits nationally

9/7/2021

The total value of building permits in Canada decreased 3.9% to $9.9 billion in July. All provinces except British Columbia and Newfoundland and Labrador posted lower values, with the majority of the national decline reported in Alberta (-23.4%). Building permits fell 3.1% in the residential sector and 5.6% in the non-residential sector. On a constant dollar basis (2012=100), building permits fell 3.8% to $7.0 billion. Seven provinces reported declines in the residential sector, led by Ontario (-10.5%). Single-family permits fell 9.6% in July, with two provinces showing growth. Ontario (-9.1%) contributed the most to the decrease. Construction intentions for multi-family units rose 2.7% in July. British Columbia posted an increase of 55.1%, which was driven by high-valued condo projects in the city of Surrey. In contrast, Ontario reversed strong growth in June (+67.6%) and fell 11.7% in July due to fewer high-valued condo permits reported for the census metropolitan areas (CMA) of Hamilton and Guelph.

READ MORE

Labour Force Survey, July 2021

8/19/2021

July Labour Force Survey (LFS) data reflect labour market conditions during the week of July 11 to 17. Between the June and July reference weeks, many jurisdictions substantially eased public health restrictions affecting indoor and outdoor dining, recreation and cultural activities, retail shopping, and personal care services. All public health restrictionsaside from some masking and screening requirements in select settingswere lifted in Alberta (July 1) and Saskatchewan (July 11). British Columbia also lifted virtually all restrictions (July 1), although some capacity limits on certain activities remained. All regions of Quebec moved into the lowest level of restrictions (June 28), followed by a removal of retail capacity limits (July 12). In Ontario, personal care services partially resumed at the end of June, and the province reopened indoor dining and permitted recreational activities, with certain limitations, at the end of the LFS reference week (July 16). In Manitoba, personal care services and restaurants reopened at the end of June, and capacity limits on restaurants, gyms, and retail stores were further eased on July 17.

READ MORE

Ontario residential permits bounce back

8/9/2021

The total value of building permits rose 6.9% to $10.3 billion in June. Seven provinces contributed to the gain, led by Ontario, which jumped 22.7%. Construction intentions in the residential sector were up 9.1%, while the non-residential sector advanced 2.2%. On a constant dollar basis (2012=100), building permits increased 5.2% to $7.2 billion. High-value permits for new apartment buildings in the census metropolitan areas (CMA) of Toronto and Hamilton helped push multi-family permits up 13.5% to $3.7 billion nationally in June. Provincially, Ontario led the way, rebounding 67.8% to $1.8 billion. On the other hand, Quebec reported the largest decrease (-29.9%), pulling back from a record high in May. Construction intentions for single-family dwellings increased 4.7% to $3.4 billion. Seven provinces saw gains in this component, led by Ontario and Alberta. Overall, the value of residential building permits increased 9.1% to $7.2 billion, following two months of lower construction intentions.

READ MORE

Housing market continues to moderate in June

7/16/2021

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down between May and June 2021. Home sales recorded over Canadian MLS Systems fell by 8.4% month-over month in June 2021, marking the third straight monthly slowdown since activity hit an all-time record back in March. While sales are now down a cumulative 25% from their peak, and below every other month in the last year, June transactions still managed to set a record for that month. Month-over-month declines in sales activity were once again quite broad-based, with sales moderating in around 80% of all local markets, including almost all large markets across Canada. The actual (not seasonally adjusted) number of transactions in June 2021 was up 13.6% on a year-over-year basis and marked a new record for that month. While there is still a lot of activity in many housing markets across Canada, things have noticeably calmed down in the last few months, said Cliff Stevenson, Chair of CREA. There remains a shortage of supply in many parts of the country, but at least there isnt the same level of competition among buyers we were seeing a few months ago. As these conditions continue to evolve over the summer and fall, your best bet is to consult with your local REALTOR for information and guidance about buying or selling a home at this stage in the cycle, continued Stevenson.

READ MORE

Record rise of home prices in May

7/7/2021

In May the TeranetNational Bank National Composite House Price IndexTM was up 2.8% from the previous month, the largest monthly rise since the index series began in 1999. It was led by four of the 11 constituent markets: Ottawa-Gatineau (4.9%), Halifax (4.3%), Hamilton (3.7%) and Toronto (3.4%). Rises were more moderate for Vancouver (2.3%), Winnipeg (2.2%), Montreal (2.2%), Victoria (2.1%), Calgary (1.4%), Quebec City (1.2%) and Edmonton (1.2%). It was a third consecutive month in which all 11 markets of the composite index were up from the month before. The May rise was consistent with the increase in number of home sales over the last several months as reported by the Canadian Real Estate Association. For a ninth straight month, the number of sale pairs entering into the 11 metropolitan indexes was higher than a year earlier. The unsmoothed composite index, seasonally adjusted, was up 2.1% in May, suggesting that the uptrend of the published (smoothed) index could continue. The May composite index was up 13.7% from a year earlier, for a 10th consecutive acceleration and the strongest 12-month gain since July 2017. The 12-month rise was led by five markets Halifax (29.9%), Hamilton (25.5%), Ottawa-Gatineau (22.8%), Montreal (17.6%) and Victoria (15.3%). Toronto matched the countrywide average at 13.7%. Lagging that average were Vancouver (11.9%), Winnipeg (10.4%), Quebec City (9.8%), Calgary (4.5%) and Edmonton (3.6%). Besides the Toronto and Hamilton indexes included in the countrywide composite, indexes exist for seven smaller urban areas of the Golden Horseshoe Barrie, Guelph, Brantford, Kitchener, St. Catharines, Oshawa and Peterborough. In May all seven were up from the previous month and from a year earlier. The 12-month gains ranged from 27.6% for Brantford to 31.4% for Barrie. Source: https://housepriceindex.ca/2021/06/may2021/

READ MORE

Similar Housing Demand Conditions in Canada and US

6/3/2021

Housing markets in Canada and the US are sizzling. Recent headlines have used superlatives to describe housing market conditions in both countries and the data do back this up. Still, a closer look reveals some interesting distinctions as well. Home price and sales metrics show that while the US market is hot, Canadas is hotter. For example, existing home sales, which make up the majority of overall sales in both countries, is well above historical averages, but Canadian home sales have outperformed. As of March 2021, home sales in Canada were 75% higher than the average over 2018 and 2019, while it was 13% above in the US. Likewise, home prices also spiked. In Canada, the average home sold was 32% more expensive than what it was a year ago, and it was 17% higher stateside. From a high level, the list of commonalties across markets during the pandemic is longer than the areas of difference, particularly on the demand side. Perhaps the most influential demand-side driver has been historically low mortgage rates. Responding to the impacts of the pandemic, the Bank of Canada and the Federal Reserve slashed rates and enacted large quantitative easing programs early last year, resulting in a sharp drop in borrowing costs. Given that the US conventional mortgage rate is a 30-year rate compared to Canadas 5-year benchmark, borrowing costs fell faster in America as flight to safety flows lowered longer term yields at the onset of the pandemic. Source:https://economics.td.com/housing-heat-check

READ MORE

CANADA HOUSING MARKET and new stress test

5/27/2021

Canadian home sales took a turn in April 2021, declining by 12.5% (sa m/m) from the highest level on record in March 2021. Listings followed suit, falling by 5.4% (sa m/m). While both sales and listings decreased in April, the smaller decline in listings further eased the national-level sales-to-new listings to 75.2% from record high readings earlier this year (the highest being 91% in January). While this is a move in the right direction towards a better supply-demand balance, the ratio is still significantly higher than its long-term average of 54.5%. As a result of this persistent tightness in the housing market, the composite MLS Home Price Index (HPI) rose by 2.4% (sa m/m). This is a deceleration in price gains from paces observed over the last two months, owing in the most part to a slowing in prices for single-family homes and townhouses. Apartments, which had remained relatively close to pre-pandemic levels before accelerating earlier this year have maintained momentum in April. Movements in the housing market this month continued to be broad-based rather than market-specific, as declines in sales were spread out across much of the country. The Office of the Superintendent of Financial Institutions (OSFI) also announced that, effective June 1, the minimum qualifying rate for uninsured mortgages (i.e., residential mortgages with a down payment of 20 percent or more) will be the greater of the mortgage contract rate plus 2 percent or 5.25 percent.

READ MORE

Scotiabank: Why Canada needs to focus on ways to encourage more home building

5/14/2021

The recent run-up in housing prices, and the attendant worries about affordability and accessibility, have many stakeholders scrambling to find quick solutions. While understandable, those approaches are likely to have only minimal impacts on Canadas housing situation and its consequences for people looking for a reasonably priced place to live. Focusing on interest rate policy or macroprudential instruments, such as stricter mortgage stress tests, draws attention away from the underlying cause of the problem: the inability of supply to meet demand. Put simply, this country doesnt build enough housing. We should not be surprised by this. Canada has increased immigration dramatically in recent years to tremendous benefit to the economy, but we failed to pro-actively address the housing challenges the consequent population boom was sure to bring. Policy efforts must focus far more on anticipatory, collaborative, multistakeholder and very specific solutions to the housing situation rather than on the short-term and ultimately ineffective macroprudential Band-Aids applied in recent years. Scotiabank Economics is publishing research this week looking at the increase in Canadas housing stock relative to the increase in population over the past several years to get a sense of how effective we have been in creating new units. The numbers are not encouraging. One way to look at it is by using the ratio of new housing to population growth. By that measure, construction has been well below its historical average since mid-2017. That is perhaps not surprising, given that Canada has seen an immigration-fuelled population boom since 2015. In the three years leading up to the COVID-19 pandemic, population grew nearly twice as fast as new housing units were being built. That ratio improved somewhat with the COVID-related stall in immigration, but it is likely to reverse course once immigration returns to planned levels. Dan Rees is group head, Canadian banking at the Bank of Nova Scotia. Jean-Franois Perrault is Scotiabanks chief economist

READ MORE

Two-thirds of Canadians were asset resilient in the year prior to the pandemic

5/10/2021

Just over two-thirds (67.1%) of Canadians were asset resilient for at least three months in 2019, up from 63.6% in 1999. Over these two decades, several factors contributed to the overall rate of asset resilience. For one thing, Canadians held more liquid assets at the end of the period. Median person-adjusted household liquid assets rose from $6,300 in 1999 to $10,700 in 2019. Canadians were also slightly older, on averagethe median age of Canadians increased from 36.4 years to 40.8 years. Family income has also been rising since 1999, and asset resilience is associated with higher income. The median person-adjusted, household after-tax income of Canadians increased by one-third (+34.9%), rising from $37,300 in 1999 to $50,300 in 2019, while the share of Canadians below the LIM-AT edged down from 12.4% to 12.1%. source: https://www150.statcan.gc.ca/n1/daily-quotidien/210504/dq210504e-eng.htm

READ MORE

Big jump in home prices in March

4/23/2021

The Teranet-National Bank HPI jumped 1.5% to a new high in March, its 17th straight monthly rise. Its recent vigour coincides with historically high numbers of home sales in most regions of Canada, coupled with limited supply. The monthly jump of the unsmoothed HPI was even bigger 2.7%, the most of any month since July 2006, taking the unsmoothed index to a cumulative rise of 11.9% since last June (left chart). The rapid rise of home prices continues in the great majority of large Canadian cities, with prices up 10% or more from a year earlier in an unprecedented 81% of the 32 urban markets surveyed (right chart). However, the magnitude of the price rise varies with category of dwelling. In the main metropolitan markets the rise was much smaller for the condo segment than for single-family homes. Among the reasons for the difference is a shift of preferences away from small dwellings in city centres toward larger homes in suburbs. Source: https://housepriceindex.ca/2021/04/march2021/

READ MORE

How to tell between a real CRA call and a scam

4/1/2021

(NC) Many of us have heard of scammers pretending to be from the Canada Revenue Agency. You may have even received a call or email yourself. But how do you know what you can trust? Avoiding this common scam is easier when you know what the agency will and wont do. The agency will never threaten you with immediate arrest or jail for a tax debt, and never uses text or instant messaging to communicate about taxes. It will never demand that you settle tax debt by buying gift cards or prepaid credit cards, or using cryptocurrency like Bitcoin, or offer to pay you a refund by e-transfer. Remain vigilant when you receive communication from someone claiming to be from the CRA, especially when asked for personal information such as a social insurance, credit card, bank account or passport number. If you are unsure that the person on the phone is a legitimate agency employee, ask for the agents phone number and badge number and call 1-800-959-8281 to validate the caller. If you receive a call demanding immediate payment, take time to think it over. If you believe it was legitimate, you can check the status of your account online. If you use online or telephone services, you can further protect yourself by keeping your access codes, user ID, passwords and PINs secret, and changing them frequently. Enabling email notifications for online CRA accounts will notify you by email of changes to them, warning you of potentially fraudulent activity. Finally, suspicious phone calls or messages can be reported to the Canadian Anti-Fraud Centre online or by telephone. If you think you have fallen victim to a scam, contact your local police. Find more information at canada.ca/taxes. www.newscanada.com

READ MORE

Home prices accelerate in February

3/25/2021

In February the TeranetNational Bank National Composite House Price IndexTM was up 0.5% from the previous month, an acceleration from the January increase after three consecutive months of slowing. The advance was led by four of the 11 constituent markets: Halifax (2.3%), Hamilton (1.1%), Vancouver (0.8%) and Quebec City (0.7%). Rises of less than the countrywide average were reported for Montreal (0.5%), Victoria (0.4%), Calgary (0.4%) and Toronto (0.4%). The index for Winnipeg was flat on the month. Down from the month before were the indexes for Edmonton (0.1%) and Ottawa-Gatineau (0.5%). After three months, from September to November last fall, in which all 11 markets of the composite index were up from the month before, February was a third consecutive month in which one or more markets were down on the month. The February rise is consistent with the increase in the number of home sales over the last several months reported by the Canadian Real Estate Association. For a sixth straight month, the number of sale pairs entering into the 11 metropolitan indexes was higher than a year earlier. The unsmoothed composite index, seasonally adjusted, was up 1.1% in February, suggesting that the uptrend of the published (smoothed) index could persist. Source: National Bank

READ MORE

Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing

3/12/2021

The Bank of Canada held its target for the overnight rate at the effective lower bound of percent, with the Bank Rate at percent and the deposit rate at percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week. The global economy is recovering from the economic effects of COVID-19, albeit with ongoing unevenness across regions and sectors. The US economic recovery appears to be gaining momentum as virus infections decline and fiscal support boosts incomes and consumption. New fiscal stimulus will increase US consumption and output growth further. Global yield curves have steepened, largely reflecting the improved US growth outlook, but global financial conditions remain highly accommodative. Oil and other commodity prices have risen. The Canadian dollar has been relatively stable against the US dollar, but has appreciated against most other currencies. In Canada, the economy is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures. Although activity in hard-to-distance sectors continues to be held back, recent data point to continued recovery in the rest of the economy. GDP grew 9.6% in the final quarter of 2020, led by strong inventory accumulation. GDP growth in the first quarter of 2021 is now expected to be positive, rather than the contraction forecast in January. Consumers and businesses are adapting to containment measures, and housing market activity has been much stronger than expected. Improving foreign demand and higher commodity prices have also brightened the prospects for exports and business investment.

READ MORE

Index growth slows further in January

2/25/2021

In January the TeranetNational Bank National Composite House Price IndexTM was up 0.3% from the previous month. It was the third consecutive month in which the index rose less than the month before. The increase was led by five of the 11 constituent markets: Hamilton (2.0%), Montreal (1.0%), Victoria (0.6%), Halifax (0.4%) and Vancouver (0.4%). Rises of less than the countrywide average were reported for Quebec City (0.3%) and Ottawa-Gatineau (0.1%). Indexes were down from the month before in Toronto (0.1%), Calgary (0.2%), Edmonton (0.4%) and Winnipeg (0.4%). After three months September, October, November in which all 11 markets of the composite index were up from the month before, it was a second consecutive month in which one or more markets were down on the month. The price rise is consistent with the rise of home sales volume over the last several months as reported by the Canadian Real Estate Association. For a fifth straight month, the number of sale pairs[1] entering into the 11 metropolitan indexes was higher than a year earlier. The unsmoothed composite index, seasonally adjusted, was up 0.9% in January, suggesting that the published (smoothed) index could continue its uptrend.

READ MORE

Canadian home sales continue their momentum to start 2021

2/19/2021

In January, Canadian home sales increased 2.0% month-on-month, building on Decembers 7.0% gain. On a year-on-year basis, they were up 35.2%. Provincially, sales were up in 8 of 10 provinces in January, with strong gains recorded in PEI (+20.5% m/m) and Alberta (+11.9%). On the flipside, a relatively steep decline was recorded in Nova Scotia (-8.3%). New listings dropped by 13.5% m/m in January. The combination of rising sales and falling new listings brought the months supply of inventory measure to under 1.9 months. The national sales-to-new listings ratio also increased to 90.7% its highest level by far. Every province was in sellers territory in December, and many of those in the eastern part of Canada had ratios over 100% (Quebec: 128.3%; New Brunswick: 116.0%; Nova Scotia: 114.3% and PEI:101.5%). This means that there were more sales than new units listed last month in these provinces. This is a rare situation, but has occurred before in the Atlantic Provinces. However, January marked a first on this front in Quebec. Elsewhere, ratios were particularly elevated in Manitoba (86.1%) and Ontario (88.6). Strong demand and historically tight conditions were reflected in prices. Indeed, Canadian average home prices surged by 4.7% m/m in January. On a year-on-year basis, they were up 22.8%, marking an acceleration from December. However, prices were up in 8 of 10 provinces during the month, with the largest gains occurring in Alberta (+8.1%) and Ontario (7.4%). Compared with the average sales price, the MLS home price index, a more like for like measure, increased 2.0% m/m. Single family home prices rose 2.6% m/m (and a robust 17.4% y/y), whereas apartment prices advanced by a smaller 0.2% m/m (and decelerated to 3.3% y/y). In Toronto, apartment prices increased 0.4% m/m, the first gain in 4 months. Key Implications Home sales picked up right where they left off to start 2021. Demand was likely given a lift by ultra-low mortgage rates, which dropped again during the month. Januarys robust gain coupled with a strong handoff into this year virtually ensures that sales will increase in the first quarter. However, with sales likely running above fundamentally-supported levels, we think some cooling in activity will take place, especially in the second half. A dwindling supply of inventories, when benchmarked against the current sales pace, could also weigh on activity moving forward. With todays data showing a solid gain in prices last month and new supply collapsing across nearly the entire country, markets were historically tight. This points to further strong price gains ahead in the near-term. Also notable was that benchmark condo prices grew for the first time in several months in Toronto. Although supply remains elevated, conditions are becoming tighter than what we saw last fall. This suggests that further gains are in store. Source: https://economics.td.com/ca-existing-home-sales

READ MORE

5 ideas for families to make the most of staying home this March Break

2/5/2021

(NC) Due to current travel restrictions, families will be spending March Break at home. One way to keep your kids busy is by making personal finance a group activity. Research shows that young people who discuss money matters with their parents have higher financial knowledge and skills, which leads to stronger financial well-being in the future. Here are five ideas for simple things you can do with your kids to help them develop good money habits early: Involve your children in age-appropriate conversations about news related to economics or budgeting, and discuss how the family is responding to the unprecedented circumstances caused by the pandemic. Use the Financial Consumer Agency of Canadas online interactive budget Planner to teach your children about the importance of a financial plan. Try making a budget for your next family vacation. Encourage your child to set up a savings account. Forming good savings habits early can help kids learn how to be financially independent and avoid relying on credit cards and loans in the future. Help your child to make a plan to save for something they really want, like a new toy or video game. Show your child how to set up an automatic payment for either a subscription or their cellphone. This is an opportunity teach them about the importance of never missing a payment, which could have a negative impact on their credit report in the future. Review your childs bank account agreement with them and make sure they understand their responsibilities, such as keeping their PIN secret, even from their parents. Sharing their PIN means they may not be protected from a fraudulent transaction on their account. Understanding personal finances can have a big impact on the present and future well-being of young people. No matter what life stages your child is at, you can find unbiased and fact-based information from the Financial Consumer Agency of Canada at canada.ca/money.

READ MORE

Record December caps record year for Canadian home sales

1/22/2021

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in December 2020. Home sales recorded over Canadian MLS Systems jumped by 7.2% between November and December to set another new all-time record. Seasonally adjusted activity was running at an annualized pace of 714,516 units in December 2020 the first time on record that monthly sales at seasonally adjusted annual rates have ever topped the 700,000 mark. The month-over-month increase in national sales activity from November to December was driven by gains of more than 20% in the Greater Toronto Area (GTA) and Greater Vancouver. Actual (not seasonally adjusted) sales activity posted a 47.2% y-o-y gain in December the largest year-over-year increase in monthly sales in 11 years. It was a new record for the month of December by a margin of more than 12,000 transactions. For the sixth straight month, sales activity was up in almost all Canadian housing markets compared to the same month in 2019. For 2020 as a whole, some 551,392 homes traded hands over Canadian MLS Systems a new annual record. This is an increase of 12.6% from 2019 and stood 2.3% above the previous record set back in 2016.

READ MORE

My New Blog!

1/29/2014

This is my new blog!

READ MORE